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Gold dropped 0.1 percent Tuesday to reach $1,236.60 an ounce following a rise in the US dollar, as well as concerns over Greece’s place in the Eurozone and escalating violence in Ukraine.
Gold dropped 0.1 percent Tuesday to reach $1,236.60 an ounce following a rise in the US dollar, as well as concerns over Greece’s place in the Eurozone and escalating violence in Ukraine, according to Reuters. The drop prevented a recovery for gold after prices sank Friday to a three-week low of $1,228.25 per ounce.
Friday’s fall stemmed from concerns over the Federal Reserve raising interest rates this year, which took precedence over the worries about economic recovery in the Eurozone.
“We’re expecting a rebound, partly because of what does seem to be a gathering storm around Greece and Europe,” said Caroline Bain, an analyst at Capital Economics. “There is a lot of uncertainty surrounding the eurozone which we think will be supportive of gold prices this quarter.”
Meanwhile, US gold futures for April delivery dropped $4.90 an ounce to also reach $1,236.60
