Gold reaches year-to-date low on stock surge

Tuesday, 16. April 2019 18:12

Precious metals traded in the red on Tuesday, where gold and platinum were on track to finish lower for the fourth time in a row. Investors turned to stocks, dumping the yellow metal and its safe haven class against the backdrop of a relatively upbeat start to the quarterly earnings season in the United States. European equities were boosted by strong labor market data from the United Kingdom and conciliatory messages regarding Brexit from top European Union officials. US Treasuries extended the drop amid optimistic sentiment on Wall Street.

After it touched $1,273.4 per ounce for the first time since December 27, gold was 1.03% down at 6:10 pm CET, selling for $1,274.66. Silver slipped 0.16% to $14.98, compared to the session low at $14.89. Platinum declined 0.93% to $879.86. Earlier today it dipped to $876.91, the weakest mark since April 4. Its sister metal palladium retreated 0.41% to $1,359.58 for one troy ounce. It went for as low as $1,355.16, last seen on April 11.

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