Gold prices closed slightly higher after a wild trading session on Wednesday, prolonging a volatile spell for the market as rising yields on US government bonds lose investors’ appetite for the precious metal.
Futures contracts to deliver gold in December, which recorded a record high just last week, ended the day with 0.1% to $ 1,949 per troun ounce in hacked trading. Prices moved in a wide range overnight and during the regular session in New York, between a low of $ 1,874.20 and a high of $ 1,961.
Silver Futures withdrew but closed well over its low days, holding 0.3% to $ 25,979 per troy on the Comex division of the New York Mercantile Exchange.
The move followed a major drop in precious metals on Tuesday. Gold fell about 4.5% while silver slipped 1
The swings are interrupting a historic rally in precious metal prices, which has risen as investors sought alternatives to low-yield bonds and a refuge from the economic downturn caused by the coronavirus. Most active gold futures hit an all-time high of $ 2,069.40 a troy ounce on August 6, remaining about 28% higher than they were at the end of 2019.