Gold Falls to $1,229.40 per Ounce

Gold fell on Wednesday, with spot gold declining $3.40 to reach $1,229.40 per ounce, according to The Bullion Desk. The decrease came after gold hit a three-month high on Tuesday.

Gold futures for February delivery also fell, declining $6.70 to trade at $1,227.70 per ounce, as per Investing.com.

“Precious metals did well yesterday, especially gold and given so much uncertainty there is in the markets and on the geopolitical front with the Greek election only weeks away and the stand-off going on within OPEC, we expect gold to remain well supported and that should help underpin the rest of the precious metals complex, especially with platinum and gold trading near level,” FastMarkets analyst William Adams is quoted as saying.