Gold prices set for biggest daily fall since July

Gold prices fell 2% in trading on Thursday, looking to record their biggest daily percentage decline since July, but prices remained on track for gains for the month.

“The precious metal’s modest monthly gain is rooted in a classic story: When global uncertainty spikes, investors continue to turn to safe havens, and gold has such a gravitational pull that there is still enough uncertainty for a little gold glitter,” said Adam Koos, the company’s president. . Libertas Asset Management Group. “Despite a difficult year, there is enough ambiguity around economic stability to give it momentum.”

“However, today’s big drop was a stark reminder of gold’s fragile balance sheet,” he said. “The fact is, with Treasury yields rising, the attractiveness of safe-haven yields is putting real pressure on gold, especially as we also see risk assets like equities taking a hit.”