Gold Drops to $1,268.90 After Positive Jobs Statistics

Feb. 03, 2015 09:38AM PST

On Tuesday, gold fell 0.5 percent to trade at $1,268.90 an ounce on the news that the new Greek government may reach a deal regarding its outstanding debt.

On Tuesday, gold fell 0.5 percent to trade at $1,268.90 an ounce on the news that the new Greek government may reach a deal regarding its outstanding debt, according to Reuters. Greece’s actions buoyed trading around the world and sent European and American stock exchanges upward.

Gold’s decline was also linked to analyst predictions regarding US economic performance. January saw continued American job growth, which provided investors with confidence to pursue riskier options. Mitsubishi analyst John Butler has predicted less investment in safe havens based on US economic strength.

US gold futures for April delivery dropped $7.10, to $1,269.80 per ounce.

gold investing