21st January - 2011
With the world finally showing revival signs, the investor favoured yellow metal saw a deep cut in demand leading to its fall to a two month low price. There is a widespread fall in the demand of Gold across the globe that has led to a weakened sentiment and a final fall in demand. Various analysts have turned from bullish to neutral on Gold prices based on the revival news and a better performance of the economy across.
The gold futures also saw a fall with February delivery futures selling at $1,340.20 per ounce falling a 0.3 percent from its price at the New York stock exchange as of 8:40 am. The various exchange traded, Gold backed products also saw a steep cut based on the same low demand levels. This has been the first monthly drop Gold has seen since it rose to its 2010 high of $1432.40 per ounce on December 7th 2010.