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30

Gold Tumbled On Long Liquidation, Profit Taking

Spot gold early Thursday tumbled 8% from Wednesday's high

Spot gold early Thursday tumbled 8% from Wednesday's high and is expected to slip further on a mix of long liquidation and profit taking in line with a dollar recovery following the U.S. Fed rate cut this week, traders and analysts said, Dow Jones reported.

As of 0936 GMT, spot gold traded at $915 a troy ounce, down 8.2% from Tuesday's high.

"Given the proximity to quarter-end and the Easter holidays gold will remain vulnerable to profit taking," he said. Spot gold is looking at a deeper correction back to $890/oz, but the current pullback may be better for gold in the long term and "could entice physical demand back into the market," Moore said.