Gold paused after rallying for nine days to a record as investors weighed comments from the Federal Reserve on uncertainties over the economic recovery amid the coronavirus pandemic.
Oil prices fell on Wednesday as industry data showed a bigger- than-expected inventory build in the United States where coronavirus cases continue to climb, potentially further denting demand in the world's biggest oil consumer.
A hedge fund manager who returned 47% this year by betting on gold and Treasuries says the next decade is going to be marked by inflation that central banks are powerless to control.
U.S. crude stockpiles crude inventories rose by 2 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute.
Gold fell back swiftly on Wednesday after investors booked profits on its rally to $1,800 an ounce, but backers of the safe haven said they did not expect it to fall too much in the near future owing to the resurgence in COVID-19 cases.
