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Falling gold prices revive physical demand in key markets
By Polina Devitt and Rajendra Jadhav
Reuters
Tuesday, November 26, 2024
A drop in gold prices this month has drawn in buyers of the metal who had been waiting for the market's lightning rally this year to subside, industry players and analysts said.
Spot gold prices hit a record $2,790.15 per troy ounce on Oct. 31, but are down some 4% so far in November in response to a Republican Party clean sweep in the U.S. election.
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"Physical demand has picked up quite a bit since October and especially after the sharp November price drop as there has been a change in the market sentiment," Robin Kolvenbach, co-CEO of Swiss-based refinery Argor-Heraeus, told Reuters. ...
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