(Bloomberg) -- Gold fluctuated after declining for four sessions as traders took stock of the mood across wider financial markets, with a global selloff earlier in the week followed by a partial recovery that’s showing signs of losing steam.
Bullion traded near $2,390 an ounce, after shedding more than 2% over the previous four sessions. Gold — typically seen as a haven asset — was caught up in Monday’s broader markets plunge, with traders possibly offloading the metal to cover a pickup in margin calls.
Equities erased earlier gains Wednesday, with Treasuries falling amid a weak $42 billion sale of 10-year bonds.
The precious metal remains about 16% higher year-to-date, after hitting a record last month. The rally has been supported by robust central-bank demand, coupled with expectations that the US Federal Reserve will start to reduce interest rates in September. Tensions between Iran and Israel also bolstered demand for the haven asset.
Bullion for immediate delivery was down 0.1% at $2,387.75 an ounce as of 2:20 p.m. in New York, as a gauge of the US dollar was up 0.1%. Silver slipped while palladium and platinum rose.
--With assistance from Yvonne Yue Li.
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