Gold Falls to Three-Week Low

Reuters reported that gold backtracked on Wednesday, hovering around a three-week low because of disappointing European growth numbers.

As quoted in the market report:

I think what the market is concerned about is ETF outflows,” said Dominic Schnider, an analyst at UBS Wealth Management. “I wouldn’t be surprised if we touch $1,405 an ounce in a short period of time. I would assume that it would help revive some physical demand,” he said.

To view the whole Reuters report, click here.