FX.co ★ Gold Gives Back Ground Following Recent Strength

The price of gold slid in trading on Wednesday, after four consecutive growth sessions that led it to new record highs. April futures for gold fell $19.10, or 0.8 percent, to $2,371.70 an ounce, following a $25 jump, or 1.1 percent, to $2,390.80 in the previous session.

The retreat in gold prices can be attributed to the expectation that Israel will demonstrate restraint in response to the recent missile attack from Iran, which reduces the safe-haven demand for gold. Profit-taking may also have influenced the dip, despite the weakening of the US dollar.

In other precious metals, April silver futures rose slightly by $0.028, or 0.1 percent, to $28.345 an ounce, while April copper futures jumped $0.037, or 0.9 percent, to $4.3425 per pound.