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On May 7, gold fell to its lowest level in a week.
On May 7, gold fell to its lowest level in a week. Reuters reported that the price of gold hit $1,441.11 an ounce in early morning trading, a decrease of nearly $27 an ounce. On May 4, gold rose to a three-week high of $1,487.80, nearly $47 more than today’s price.
Gold for June delivery also dropped to $1,442.80 an ounce, a decrease of $24.52 an ounce. Reuters noted that the decrease in gold prices is due to investors becoming less attracted to the commodity after equity markets rose on prospects of sustained central bank stimulus and holdings in exchange-traded funds fell to their lowest levels seen in more than three years.
Spot gold traded nearly flat at around $1,468 an ounce on Monday, nearly $150 above a two-year low of $1,321.35 an ounce on April 16, the source reported.
