Spot bullion steadied, while futures dropped after US stocks briefly surpassed their all-time closing high, curbing demand for haven assets. Gold had tumbled on Tuesday, then swung in a wide arc on Wednesday, as last-week’s rally likely spurred some technical selling and profit-taking.

Even with the correction in prices, gold and silver remain among the best performing commodities this year, aided by negative real yields and vast stimulus to combat the fallout from the coronavirus pandemic. Goldman Sachs Group Inc. has described gold as the currency of last resort amid an inflation threat to the dollar, and forecast further gains above $2,000 an ounce.

“Gold’s roller-coaster ride is far from over as bond yields will likely remain volatile for the rest of the summer,” said Edward Moya, senior market analyst at Oanda. “The relentless pace higher for gold will moderate but the outlook still warrants a strong stretch of fresh, record highs.”

Spot gold traded 0.2% higher at $1 920.38/oz at 8:02 a.m. in Singapore. On Tuesday, prices dropped 5.7%, the biggest one-day loss in seven years, following a rally to an all-time high of $2 075.47 last week. Futures for December delivery declined 1% to $1 930.40 on the Comex in New York.

Silver for immediate delivery rose 0.3% to $25.5884/oz after a 2.9% gain on Wednesday and 15% slump on Tuesday.