Gold continues to decline, analysts are calm: pullback is not a bad thing

The Zhitong Finance App learned that gold futures continued to decline on Tuesday, recording the biggest two-day percentage drop since February last year, a drop of nearly 3%, as concerns about escalating tension in the Middle East weakened, weakening the safe-haven appeal of gold. Ole Hansen, head of commodity strategy at Saxo Bank, believes that a pullback in gold is long overdue and healthy, and may challenge traders' beliefs that the price of gold may rise further. Hansen said that the pullback will help determine the actual level of potential demand for gold, and the extent of the adjustment will depend on hedge funds selling after accumulating a large number of long positions during a period of higher gold prices

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