Gold Price Falls to $1,187.90 on European News

Spot gold dropped 1.2 percent on Wednesday to reach a session low of $1,187.90 an ounce, as noted by Reuters. Meanwhile, gold futures for June delivery dropped $15.10 to hit $1,187.90.

Those declines came as the Eurozone consumer confidence report for April demonstrated disappointing data, and the economic crisis in Greece saw further developments. “The [gold] market is growing tired of watching the Greek saga, while tensions in Yemen, an element of support to safe-haven bids, seem to have eased,” said Ole Hansen, Saxo Bank senior manager.