Gold futures post biggest 1-day loss since early February
Gold futures fell by more than 2% on Tuesday, marking their largest single session loss in about six weeks, according to FactSet data. Prices for the metal touched an intraday high above $2,000 on Monday as "concerns over the banking system boosted the appetite for safe-haven assets," said Lukman Otunuga, manager, market analysis at FXTM. Fears of a full-blown crisis later eased following the historic takeover of Credit Suisse and "this blunted appetite for gold." Even so, the precious metal is "set to glow amid the fragile sentiment with expectations around a less aggressive Federal Reserve limiting downside losses," he said. The Federal Open Market Committee will announce its monetary policy decision on Wednesday afternoon. Gold for April delivery fell $41.70, or 2.1%, to settle at $1,941.10 an ounce on Comex.
-Myra P. Saefong
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March 21, 2023 13:54 ET (17:54 GMT)
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