Gold Gives Back Ground Following Recent Strength

(RTTNews) - After advancing for four consecutive sessions and reaching new record highs, the price of gold gave back some ground during trading on Wednesday.

Gold for April delivery slid $19.10 or 0.8 percent to $2,371.70 an ounce after jumping $25 or 1.1 percent to $2,390.80 an ounce in the previous session.

The pullback by the price of gold came amid optimism Israel will show restraint in its response to Iran's recent missile attack, reducing the precious metal's safe haven appeal.

Profit taking may also have contributed to the decrease by the price of gold, which came even as the value of the U.S. dollar also gave back ground.

Meanwhile, silver for April delivery inched up $0.028 or 0.1 percent to $28.345 an ounce, and copper for April delivery jumped $0.037 or 0.9 percent to $4.3425 per pound.