Gold Price Stabilizes at $1,167.66 per Ounce

During early Tuesday trading, gold rebounded slightly, gaining 0.1 percent to reach $1,167.66, according to Reuters. Meanwhile, gold futures for April delivery crept up 0.1 percent to reach $1,166.70.

Strong US nonfarm job numbers released on Friday increased the appeal of stocks and pushed investors away from commodities. The country’s strong economic performance increased investor expectation of a potential Federal Reserve interest rate hike that will increase the yield of stock holdings.

While some investors are still worried about potential negative outcomes from the Greek debt crisis, it’s unlikely that will halt gold’s decline. Howie Lee, an analyst at Phillip Futures, told Reuters, “[u]nless the situation surrounding Greece’s debts take a huge turn for the worse, the bearish sentiment engulfing gold currently will likely triumph.”