FXstreet.com (Barcelona) – The price of an ounce is moderately increasing the value and after opening at just over $1,100.00, price uplegged $5 to top at $1,105.00. Current quoting leaves the price hovering between 1,104.00-$1,104.50.
Earlier last week euro strength sparked bidding on the precious metal as price hovered comfortably above $1,120.00 an ounce. Negative sentiment towards the metal came after upbeat report on the retail sales numbers and consequent strengthening effects on US dollar. This led investors believe to be holding an overpriced metal thus fueling fresh selling.
Gold has been falling for seven straight days, shedding nearly $50.00 off its value since topping a 7-week high at $1,145.00 zone. Today's low may be found at 1,100.50 zone while highs remain at 1,105.00 area.
