Gold prices fall, the yellow metal loses its foothold today

Quotations for gold fell against the background of the bleak economic outlook

In brief: Gold prices continue rapid decline to its lowest level against the background of falling demand.

Gold prices fell after a prolonged rise in price. On Friday, gold was at 8-week lows against the background of active sales associated with the negative economic news. Markets were under the influence of weak data on consumer sentiment and adverse reports on profits of companies that capped a week of disappointing economic data.

Amid falling commodity and stock investors have a preference for U.S. Treasury debt. This trend in cash flows prevented the gold, which also has the status of the asset-seekers gain an advantage over other commodities. Also drop in quotations of gold contributed to the easing of tensions associated with the fiscal problems of the eurozone. From a technical point of view, precious metal testing strong support in the area 1165.00/1185.00.

Ukrainian Globalist
2010-07-19 14:07, Commodities.

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