Spot Gold Hits 4-week Low as Risk Appetite Returns

from Kitco NEWS

Risk appetite is back in the market and gold slides this Wednesday. Does the yellow metal still have a chance to move higher? Chief market strategist for iiTrader Bill Baruch says that despite Wednesday’s moves, gold is still up 15% on the year and still above its 50-day and 200-day moving averages. Gold prices ended the U.S. day session sharply lower, with spot gold hitting a close to four-week low Wednesday. The safe-haven metal was shunned as investor and trader risk appetite has picked up. April Comex gold settled the day down $24.60 at $1,224 an ounce. ‘Gold is down sharply after not being able to get out above $1,261.9-$1,263.8 when it had every reason to do so yesterday morning,’ said Baruch. ‘The bears are now in control as gold is at the lowest level since before last Wednesday’s Fed meeting.’ Silver also slid over 3%, with May Comex silver settling down 61.3 cents at $15.272 an ounce.