Gold retreated to a six-week low of $1,186.70 an ounce in London today. The price for immediate delivery traded at its lowest since May 24th as investors took profits and moved into the US dollar.
Gold “is looking increasingly bearish and we could see even more technical selling and profit-taking,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. Still, “the downside will remain very limited as long as economic uncertainty prevails.”
Source: Bloomberg