FXS: Gold trading just below 5-month high of $1188.40
FXstreet.com (Barcelona) - The gold contract for June delivery recently touched a fresh 5-month high of $1188.40 before profit-taking pushed the price lower. The bullion has since found support at $1181 and is pushing upward again, currently trading at $1184.80.
Gold has enjoyed continued safe-haven demand today despite the unprecedented weekend Greek bailout of 110 billion euros. Even though the rescue package has driven risk appetite and equity markets with it higher, concerns still linger about the political obstacles in front of euro zone nations to release promised funding. Moreover, the new austerity measures put in place in Greece have met strong resistance and some doubt if they are sustainable into the near-term.
