Gold prices slip as Russia suspends bullion purchase
Gold prices fell on Wednesday morning, stretching out losses from Tuesday as speculations grew of Russia planning on moving from a major bullion purchaser to a seller.
Gold Futures had slid down by 0.13% to $1,594.45 per ounce at 09:40 PM ET (2:40 AM GMT). However, the slight losses were mostly due to wary investors amid a virus-hit economy.
Russia’s move to halt purchasing bullion would be observed as a headwind safe-haven commodity.
Gold has already been under pressure in the past few weeks during the early stages of the coronavirus pandemic. The yellow metal also lost traction when a majority of investors partook in a global sell-off of their holdings in a cash rush to cover trade margins and losses in stocks.