Having previously traded up, now, recorded a decline in gold prices. Gold price eased in Asian markets because of the rebound that occurred in the U.S. stock market. Gains in the stock market has lessened the demand for gold as a safe haven.
Gold futures for June delivery on the Comex - Nymex move to the level of U.S. $ 1659.80 per troy ounce in trading at 8:17 Melbourne time. Meanwhile, gold for immediate delivery slid to U.S. $ 1659.53 per troy ounce.
Yesterday, the price of this precious metal fell for the first time in four days, with the end of the correction on Wall Street. Gold fell 40 cents to U.S. $ 1660.30 per troy ounce in New York at 1:40. Meanwhile, in the three previous days, the price of gold has increased by 2.9%.
As a note, U.S. stocks driving after Alcoa Inc.. opened the earnings season with encouraging results. Therefore, people leaning the stock market today. Investors are turning gold to the form of stock.
Investors may go back to collect the gold as a safe haven. However, until we get clarity on the situation in Europe, gold prices will move in the range of U.S. $ 1,550 to U.S. $ 1,700 per troy ounce.
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