Gold’s Wild Ride Continues With Prices Rebounding After Rout
- Bullion recovers from drop below $1,900 after Tuesday’s plunge
- Quick return to recent highs seen as unlikely: Commerzbank
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Gold rebounded Wednesday, extending a series of wild swings that saw the metal hit a record on Friday before plunging to below $1,900 an ounce.
After surging about 30% this year, gold’s rally came to a sudden halt Tuesday as U.S. bond yields rose, cutting into the negative real rates that had supported the metal. A measure of gold volatility over the past month jumped to the highest since April. U.S. equities traded higher on Wednesday, with the S&P 500 edging toward a record, helping limit gains for bullion.