Gold price and Newmont, Evolution shares tumble as investors take profits and US-China tensions subside
The army of new retail investors who scrambled to get exposure to gold has been smashed by a violent price reversal after traders abruptly locked in profits worried that bullion’s stunning rally had pushed prices too high.
After gold tumbled more than 6 per cent overnight in the biggest intraday decline since 2013, the selling extended on Wednesday sending the spot price to as low as $US4004.26 an ounce before recovering to $US4138 an ounce. Silver edged higher after its 7.1 per cent plunge on Tuesday.
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