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Gold runs into profit-taking as it slides below $3,300
Since the US stock market opening Gold has been falling back and now the metal has dropped below the $3,300 handle. That fall has extended to around $3,284 a little earlier and that means it has fallen more than $70 from its earlier record high today. That is quite some sell-off and not that easy to explain right now. Maybe it is profit-taking ahead of the long weekend? Maybe it is the same to cover losses on stocks, which are mounting again this afternoon? Whatever the reason it is lower now this afternoon. The question is; will it bounce again ahead of the US close tonight. Gold is currently trading at $3,295.50
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