Gold News

Gold falls as the rally is seen a unsustainable and investors sell the precious

Gold falls as the rally is seen a unsustainable and investors sell the precious

Gold fell in Europe on Monday as the market’s failure to hold key psychological support just above $1,130 an ounce disappointed investors, prompting further selling of the precious metal. “(Gold) has been threatening this since the end of last week,” said Simon Weeks, head of precious metals at the Bank of Nova Scotia.”It ran out of steam on currencies, and in a thin market with bullish comments about growth around, gold is feeling a bit heavy. I expect it to come back to the 100 day moving average around $1,112.” The precious metal rose in earlier trade after last week’s above-forecast U.S. jobs data boosted hopes for an economic recovery and increased investors’ willingness to take on risk. Gold is trading at $1,121 as of 21:10pm, GMT, with a bearish trend. Gold