Gold is taking a break in the market after the increases of recent days, in the heat of the increase in international tension due to the clash between Israel and Iran. The de-escalation is reflected in the prices of the precious metal, which this Tuesday is trading at two-week lows. Added to that is the profit taking, which leaves spot gold just above $2,300 per ounce.
“Gold has seen different buying flows in recent months, and now one of those flows has dried up slightly as safe haven demand receded,” said Tim Waterer, chief market analyst at KCM Trade. This Monday the metal fell 2%, its biggest one-day drop in more than a year. The scenario of a more widespread regional conflict in the Middle East has been dimmed after Iran said that it does not plan to retaliate after the Israeli drone attack on its territory.
“Investors see this situation as an opportunity to take profits after gold’s good run,” said Waterer. On April 12, gold reached $2,430 per ounce, a historic high, amid the search for refuge and the push for purchases by central banks. Since then around 6% has been left.
In other precious metals, spot silver fell nearly 1% at the start of the day to $26.92 per ounce, spot platinum fell 0.7% to $911.10, and palladium It plummeted 1.1%, to $997.75.
On the energy side, oil remains stable, at $87 in the case of a barrel of Brent, the benchmark in Europe. The same thing happens with the WTI barrel, which sets the tone in the United States, and is around $82. In both cases there is a slight increase this Tuesday.
