Losses for gold – At a low of more than a week

The futures of gold closed with losses on Wednesday, for the second consecutive day, leading to a loss of the high of five weeks, which was achieved earlier in the week.

The precious metal fell to its lowest level in more than a week and falling prices could “lead to a buying opportunity for gold bugs,” Michael Armbruster, Altavest chief executive, told MarketWatch. $ 1,920 would be a good starting point for buying metal.

Gold for June delivery lost 0.2% to $ 1,955.60 an ounce on Comex, the lowest level for an active contract since April 11, according to FactSet. Gold fell 1.4% on Tuesday, closing at a five-week high on Monday, while silver lost 2.9%.

Silver for May delivery lost 0.5% to $ 25,271 an ounce.

After falling below $ 1,960 support in the previous session, gold struggled despite a slight decline in bond yields on Wednesday, Lukman Otunuga, director of market analysis, told FXTM. “The precious metal remains under the influence of conflicting forces and this continues to be reflected in price action,” he told MarketWatch. “If gold fails to find a new spark, prices could be trapped within the $ 1,960 range. [έως] $ 1,920 for the rest of the week. ”

Of the other metals, palladium was the only one that melted with wax and even 3.4% at $ 2,462.10 an ounce, while June platinum lost 0.2% to $ 987 an ounce and copper also lost 1.4% to $ 4,652 a pound.