Gold fell 1 percent in active trade on Tuesday, as the
euro's slide on worries over Spain's debt prompted
investors to sell the precious metal along with other
dollar-sensitive commodities.
• Bullion rose in early trade and then erased those
gains as the euro tumbled below $1.25 to hit its
lowest in nearly two years after credit agency Egan-
Jones downgraded Spain's sovereign credit rating.
The metal also underperformed crude oil and other
industrial metals such as copper.
• Gold was headed for a monthly decline of nearly 7
percent in May, which would be its fourth straight
monthly decline, the longest stretch since January
2000. It would also be the steepest monthly slide of
2012,
• Technical selling below a key support also
accelerated losses. Bullion's investment appeal
based on economic uncertainty has been more than
offset by the strength in the U.S. dollar and
Treasuries, also viewed as safe havens by investors.
• Investors are worried about Spain's escalating
borrowing costs and weakening banking sector and
Greece's election next month. (NEAL BHAI 9999974733)
euro's slide on worries over Spain's debt prompted
investors to sell the precious metal along with other
dollar-sensitive commodities.
• Bullion rose in early trade and then erased those
gains as the euro tumbled below $1.25 to hit its
lowest in nearly two years after credit agency Egan-
Jones downgraded Spain's sovereign credit rating.
The metal also underperformed crude oil and other
industrial metals such as copper.
• Gold was headed for a monthly decline of nearly 7
percent in May, which would be its fourth straight
monthly decline, the longest stretch since January
2000. It would also be the steepest monthly slide of
2012,
• Technical selling below a key support also
accelerated losses. Bullion's investment appeal
based on economic uncertainty has been more than
offset by the strength in the U.S. dollar and
Treasuries, also viewed as safe havens by investors.
• Investors are worried about Spain's escalating
borrowing costs and weakening banking sector and
Greece's election next month. (NEAL BHAI 9999974733)
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