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Gold falls $20 after breaking through $1,190.00

By FXstreet.com,  May 04, 2010, 07:18:00 PM EDT

FXstreet.com (Barcelona) - Gold started climbing higher on Tuesday to resume recent upside bias topping at $1,192.00 (new 5-month high). However, worries on European debt-infected countries became contagious across the market and a round of big selling pressure invaded stocks and equities. Robust US data coming out of the housing sector was minimized given the frenetic selling wave.

The sweeping effect hit the precious metal without mercy, whose value drop drastically $25 halted by $1,166.00 (intra-day low). The drop was partly exacerbated on rumors Spain may be the next needing a bail-out. Once the speculations were totally denied by Spanish PM, price recovered some ground bouncing slightly off lows to currently stay at $1,172.00.

In the rest of metals market, silver prices dropped more than 5% closing at $17.88/oz. Platinum was also heavily sold declining $42 to $1,677.50. Meanwhile, palladium fell at $513.50 from $539.00.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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