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Gold slips for first time this week

Publish Date24/08/2012 08:15:16 AM

Last Update24/08/2012 08:15:49 AM

Gold slips for first time this week

Gold fell starting the European trade with soft losses before the weekend, but the precious yellow metal has still registered almost the best performance in five months.

Spot gold was down at $1.665 an ounce compared with today`s opening of $1,670.37. Meanwhile, the metal has recorded an intraday high of $1,671.36 and low of $1,663.19.

More updates about Europe`s debt crisis and central banks efforts to support the global economy are still expected now as bullion traders strongly need another boost for risk appetite.

Regardless of the short slide, gold is still bound to log its strongest weekly performance since June, fueled by growing QE3 bets that followed the Federal Reserve`s meeting minutes two days ago.

Some recent reports since policymakers met earlier this month have indicated the recovery needs a push, another stimulus, where speculation rose the Fed`s will act to spur U.S. growth.

However, the Fed`s meeting minutes showed that a number of policymakers favor additional bond buying, not after a long period, unless the economy picks up substantially.

Focus remains on Europe as well and Spain bold efforts to convince its euro zone counterparts over relaxing the terms of its bailout to help reduce the country`s constantly high borrowing costs.

Gold rallies probably won`t last that long, as as global economic outlook remains uncertain and traders will have to wait for signs of policy clarity to confirm a near support for gold prices.


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