Gold Futures Extend Decline-Analysts Call It A 'Classic Pullback'

Benzinga

Gold extended its decline, slipping 0.4% to $4,092 after Tuesday’s decade-worst 5.7% drop. Analysts call it a normal pullback amid profit-taking, with central bank demand and rate cuts still supporting the metal.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Gold prices continued to decline on Wednesday,

00:04extending the previous day's steep losses, according to Barron's.

00:07The most active gold futures contract fell 0.4% to $4,092 an ounce

00:12after Tuesday's 5.7% plunge, the largest drop in over a decade.

00:17Newmont shares slid 2.9% pre-market after falling 9% the day before.

00:22Toyota Bank's Henry Allen said the retreat looked like a classic pullback

00:25following a prolonged rally,

00:26and it gold remains on track for its best year since 1979.

00:31Analysts say central bank buying and lower rate expectations

00:33could keep supporting prices despite profit-taking.

00:36For all things money, visit Benzinga.com.

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