fell 0.6% to $2,001 per ounce.closed at a record high on Tuesday of 3389.87 for the first time since February amid positive housing-market data and a broad tech rally.
This means the index has shot up 52% since its coronavirus low of 2247.40 in March, making it one of the most spectacular recoveries from a bear market. Naeem Aslam, chief market analyst at Avatrade, said: "There is no doubt that the tech sector leads this coronavirus stock market rally."prices were soft ahead of an OPEC meeting later on Wednesday.
Aslam said: "Traders are keeping an eye on the OPEC+ gathering where the current supply cut is the agenda of their meeting. No one wants to see the OPEC+ resume their production level to the pre-COVID-19 level. "The reason is simple: global economic output is nowhere close to this level, which means that oil demand is much below its pre-coronavirus level. An increase in the supply can only translate into a massive disaster for the oil prices."OPEC is planning to bring back roughly 1.5 million barrels a day after cutting about 10% of global production following the COVID-19 slump.
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