Gold Regains Ground Amid Sharp Pullback By Crude Oil

(RTTNews) - After moving notably lower over the past few sessions, the price of gold has shown a strong move back to the upside during trading on Thursday.

Gold for June delivery has jumped $68 or 1.5 percent to $4,629.50 an ounce after plunging $179.41 or 3.8 percent over the first three days of the week.

With the sharp increase on the day, the price of gold has bounced well off the nearly one-month closing low set on Wednesday.

The rebound by the price of gold comes amid a significant pullback by the price of crude oil, with Brent crude oil futures tumbling by more than 2.6 percent after skyrocketing over the past several sessions.

Brent crude oil futures surged to a four-year high of $126 a barrel before giving back ground, with the pullback likely reflecting profit taking as it comes amid ongoing concerns about the Middle East conflict.

The U.S. and Iran remain at a stalemate in negotiations over ending the war, with President Donald Trump suggesting the blockade of Iranian ports will remain in place until the countries reach a nuclear deal.

Gold has also benefitted from weakness in the value of the U.S. dollar, with the U.S. dollar index slumping by 0.8 percent.