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Gold tumbles on revived risk appetite, sterling chalks up losses

News Date: 14/4/2016 09:53:02
Gold prices slid on Thursday for the third session in a row as investors sell the safe haven in favor of more rewarding assets like stocks and oil futures, which enjoyed a recent rally as investors feel more optimistic about the future of global growth and China's steadiness.

Gold futures last traded at $1,236 an ounce, down a heavy 12 dollars on the day, or nearly one percent, while silver futures gave up 11 cents, or 0.67% to hover around $16.21 an ounce. Copper was flat at $2.168 a pound.

European shares gained further ground today, with the pan-European index FTSEurofirst 300 rising 0.30% to 1,354, while Germany's DAX outperformed the wider market, climbing 57 points, or over half a percentage point to trade at 10,087, holding firmly above the psychological level of ten thousand.  

Sterling on the other hand suffered further losses against the dollar as investors sweat a June referendum on Britain's EU membership, with the pound giving up 0.35% to trade at 1.4152. Euro on the other hand recovered some ground, rising 0.10% to hover around 1.1282.

Oil prices were largely flat today, as investors wait for a later meeting in Doha between major producers. Brent futures gained three cents, or 0.07% to $44.20 a barrel, while U.S. crude futures inched down three cents, or 0.07% to trade at $41.74 a barrel.

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