In the early morning of the 26th Beijing time, gold futures prices recorded their biggest one-day decline in more than two weeks on Wednesday, closing below $1800 for the first time in three trading days.
"after recent gains, gold and silver prices are in the process of a regular correction," said Jim Wyckoff, an analyst at Kitco.com. But the bigger risk factor is the pessimistic fundamentals of the market bearish on safe-haven metals. "
He pointed out that the Nasdaq and the S & P 500 hit record highs on Tuesday and continued to rise on Wednesday.
Against this backdrop, gold futures for December delivery on the New York Mercantile Exchange fell $17.50, or 1%, to close at $1791 an ounce on Wednesday. In terms of the most active contracts, gold futures on Wednesday recorded their biggest percentage decline since Aug. 9. Gold futures rose 0.1% on Tuesday.
Silver futures for September delivery fell 12 cents, or 0.5%, to close at $23.78 an ounce. Silver futures closed down 1% on Tuesday.