Gold futures contracts fell for three consecutive months following the concerns of physical demand in India declined and the Spanish economy entered recession in the second condition since 2009. Investors prefer cash now considering European.
Gold futures contract for June delivery slipped 60 cents to 1664.2 per troy ounce (equivalent to 31.1 grams) on Monday (4/30/2012) at 1:44 PM, at the Comex in New York. This price has dropped 0.5 percent in April. The price has declined for 3 months is the longest decline since March 2001.
Physical gold demand in India in the festival Akshaya Tritiya, which is a momentum to buy gold in India last week, demand for physical gold was disappointing. This condition was exacerbated by the strengthening U.S. dollar against euro after reports that Spain's economy declined during the first quarter of 2012. In terms of physical demand, purchasing gold in India was not shining. that's the problem.
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