Gold prices tumbled more than 5 per cent on Tuesday, on course for their biggest daily drop for more than five years, as this year’s record-breaking bullion rally went abruptly into reverse at the end of the Diwali gold-buying season.
After reaching a high of $4,381 per troy ounce on Monday, prices sank 5.4 per cent to $4,118 on Tuesday in what many saw as a long-overdue correction.
“It’s getting a little bit frothy up here,” said Nicky Shiels, analyst at MKS Pamp. “The main catalyst is extremely overbought conditions — the rally is maturing.”
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