Gold prices slip as Russia suspends bullion purchase

Gold prices slip as Russia suspends bullion purchase

Gold prices fell on Wednesday morning, stretching out losses from Tuesday as speculations grew of Russia planning on moving from a major bullion purchaser to a seller.

Gold Futures had slid down by 0.13% to $1,594.45 per ounce at 09:40 PM ET (2:40 AM GMT). However, the slight losses were mostly due to wary investors amid a virus-hit economy.

Russia’s move to halt purchasing bullion would be observed as a headwind safe-haven commodity.

Gold has already been under pressure in the past few weeks during the early stages of the coronavirus pandemic. The yellow metal also lost traction when a majority of investors took part in a global sell-off of their holdings in a cash rush to cover trade margins and losses in stocks.