Gold fell back swiftly on Wednesday after investors booked profits on its rally to $1,800 an ounce, but backers of the safe haven said they did not expect it to fall too much in the near future owing to the resurgence in COVID-19 cases.
Gold paused in its advance toward the $1,800-an-ounce target on Wednesday as the dollar’s unexpected rally weighed on the safe-haven, despite a risk-off mood across markets reacting to new Covid-19 fears and a grim world economic outlook from the IMF.
Oil held declines in Asia after top producer Saudi Arabia said that it would end its extra voluntary production cuts after June.
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