Gold Takes Mild Losses

The price of gold fell during the first part of the day yesterday, as a lack of confidence in the euro-zone economic recovery weighed down on higher-yielding assets. The precious metal fell by close to $8 an ounce to reach as low as $1609.39. That being said, better than expected US news later in the day helped gold bounce back to the $1615 level. Today, gold traders will want to pay attention to any announcements out of the euro-zone and how they continue to impact risk taking in the marketplace. If investor confidence in the ECB's ability to lower Spanish and Italian borrowing costs continues to drop, the price of gold may turn bearish before markets close for the weekend.

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