Monday, June 28, 2010

Gold bullion falls suddenly below $1250 as risk appetite returns


Forex Special The gold bullion, trading in range of recent highs throughout the day recently dropped more than $15 as market sentiment improved suddenly. Currently the gold future for August delivery, the most active future, trades at $1249.10 a troy ounce after dipping to a new low of $1246.20 just prior.

The abrupt movement comes on the heel of quick gains in US equities markets led by the tobacco sector after the Supreme Court declined to review a landmark industry ruling and further penalties on firms as requested by the government. The news seems to have given market confidence a boost after the G20 communiqué and mostly positive macroeconomic data failed to jolt equities higher. Investors will now hope to ride the wave of momentum into the coming days as a slew of data from the housing and labor sector help to give the market a better picture of the health of the US economy.

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