FXstreet.com (Barcelona) - While coming under extremely bearish pressure yesterday which resulted in its biggest drop in over a month, the most active gold contract for June delivery today is recovering to the upside of $1460/oz by mid-day over Europe from an earlier low near $1445/oz.
Gold futures experienced heavy profit-taking yesterday following Goldman Sachs suggestion to clients to lock in recent gains in light of last weeks all-time highs, however the range of uncertainty remaining in the marketplace underpins broad support for the yellow metal resulting in robust safe-haven demand. Whats more, a weaker US dollar against its major rivals helps to lift dollar-denominated commodities in general as they become more attractive on international markets.
Wed, Apr 13 2011, 09:52 GMT
http://www.fxstreet.com/news/forex-n...d-6ebc03aba631