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Gold steps back as it awaits fresh news
Yesterday the reports from Fox news sent Gold prices to fresh highs on the day. The metal extended its rise to above $2,475 and hence close once again to the record high seen last month, at $2,483.73. Gold later closed in the US at $2,472.90. It reached a high earlier today at $2,476.96, but it has backed-off from that high now in the absence of any further developments out of the Middle East. Obviously, Gold traders are now braced for bad news, hence the move higher since yesterday. Of course, if that does not happen, then Gold will probably drift back down until such time as another spike might be warranted. So, in that sense the metal is most definitely in a news/event driven mode right now. Gold has traded as low as $2,458.56 so far today. It is currently trading at $2,464.80
Market News
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