Gold prices suffered their largest two-day absolute fall in more than three decades, dropping nearly $150 between Tuesday and Wednesday as investors took profit after bullion prices earlier this week hit a nominal record high.
But investors and analysts said it was too early to call the top of the decade-long bull market in gold, noting previous corrections had proved shortlived.
“If you look at the long-term price, there have been similar corrections and it has continued going up,” Matthew Turner, precious metals strategist at Mitsubishi, said. But he acknowledge that last week’s rally, when gold rose 6 per cent, was excessive.
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