Trump's shift in stance calmed market concerns, and gold prices fell back from their highs
2025-04-23 01:05:11
Spot gold fell for a second day in a row after breaking through the $3,500/oz mark for the first time, as investors took profits as U.S. President Donald Trump appeared to unleash a conciliatory stance. Gold prices fell as much as 1.9% in early Asian trading on Wednesday, after closing down 1.3% in the previous session. Gold prices began falling shortly after hitting a record high of $3,500.10 on Tuesday, as risk appetite improved, stocks rallied, and bond markets and the U.S. dollar stabilized. Investors took profits after gold prices surged in April. Its 14-day Relative Strength Index showed gold was overbought. Despite falling for two days in a row, gold prices are still up more than 25% this year, as trade tensions and deteriorating economic growth prospects boost demand for safe assets. Strong buying from central banks and gold ETF investors also supported gold prices.
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