FXstreet.com (Barcelona) - Improved overall investor sentiment due to upbeat economic data has been pressuring the gold bullion lower as of late. Recent trading has seen the gold contract for August delivery slumping to a new intraday low at $1217.00 before slightly consolidating to where it bids at the moment.
Equities rallied yesterday during the US session, as better-than-expected pending home sales and new vehicle sales boosted investors’ appetite for risky assets. Gold subsequently has been negatively affected on the improved sentiment as safe-haven demand weakens slightly. Gold is still remaining relatively firm however, being supported by lingering uncertainties over the euro zone and hence the need for a diversified portfolio.
