Fri, 08 Jun 2012 00:00:00 +0200
Gold Reverses Gains amid Investor Risk Taking
An increase in investor risk taking yesterday, following positive news events out of Australia and the euro-zone, caused gold to reverse some of its earlier gains. Gold has recently been treated as a safe-haven asset due to economic turmoil in the US and euro-zone. The precious metal fell close to $30 an ounce during European trading, eventually hitting $1599.94. Today, gold traders will want to pay attention to news out of the euro-zone. If riskier currencies like the euro and Australian dollar continue their current upward trend, gold may take additional losses to close out the week. At the same time, if any developments out of the euro-zone lead to risk aversion in the marketplace, gold could recoup some of yesterday's losses.
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