Gold Falls to Two Week Low

With the dollar poised to record its first weekly increase in nearly two months and equity markets holding their gains, gold prices fell to their lowest level in more than two weeks. Spot gold was bid at $1,320.19 an ounce at 1128 GMT (7:28 a.m. EDT), against $1,323.60 late in New York on Thursday, having earlier fallen as low as $1,315.09. U.S. gold futures for December delivery fell $4.80 an ounce to $1,320.80.

“The main pressure is the dollar, but also profit-taking,” said Commerzbank analyst Eugen Weinberg. “There has been so much hot money flowing into the markets over recent weeks that it is not surprising to see profit-taking on the current weakness.”

Source: Reuters

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