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Gold falls as stocks hold firm; physical demand intact
May 28, 2013
11:44 am
Harrey Martin
Forum Posts: 74
Member Since:
May 8, 2013

Gold fell on Tuesday as Asian stock markets and the dollar firmed after a turbulent week, undermining the metal's appeal as a safe haven and prompting more selling in bullion-backed exchange traded funds.

Demand in the physical market continued to hold prices near $1,400 an ounce as the recent drops in the spot market lured buyers to invest in bullion.

Spot gold fell 0.26 percent to $1,390.71 an ounce by 0230 GMT, after gaining more than half a percent on Monday. It rose 2 percent last week – its strongest weekly percentage gain in a month – though the metal is down 17 percent for the year.

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