Gold Loses Gains After Huge Friday’s Rally
Gold erased yesterday’s gains today as concerns about the economic crisis in Europe damped demand for commodities. The German court will decide on September 12 whether the nations should participate in the bailout fund. The troika withheld the next round of bailout for Greece, adding to concerns about the eurozone.
Earlier, the precious metal was supported by expectations of stimulus from the Federal Reserve. Speculations whether the Fed will ease its policy are abound and such talks are bullish for gold. The metal jumped too much last Friday, though, and it was hard to keep the gains.
Gold was down from $1,738.32 to $1,731.38 as of 4:14 GMT on COMEX today.
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