Gold: Wave of selling also hit the yellow metal – ANZ

Even the safe-haven status of gold couldn’t protect the yellow metal from the wave of selling, as strategists at ANZ Research notes. XAU/USD is recovering yesterday losses, currently trading at 1591.50.

Key quotes 

“Investors were forced to sell to meet liquidity needs as equity markets collapsed.” 

“Considering gold is one of the few metals to have performed well this year, investors didn’t hesitate in booking profits.” 

“This saw gold futures down nearly 4% late in the session.”