Gold Drops Below $1,250 After US Data

Reuters reported that positive jobs data from the US and stimulus measures laid out by the ECB.

According to the report:

Spot gold was down 0.4 percent at $1,247.84 an ounce at 1354 GMT, off an earlier high of $1,257.50, while U.S. gold futures for August delivery were down $5.30 an ounce at $1,248.

VTB Capital analyst Andrey Kryuchenkov said:

There can’t be a substantial price rebound without any meaningful investor or consumer buying. Major players will remain on the sidelines for now. European investors would be putting money into blue-chip equities, while with improving risk sentiment there is even less incentive to invest in gold.

Click here to view the full report.

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