On Monday, the closing price of gold declined to $1,182 per ounce. According to Analysts, the reason behind it is that the concerns regarding the double-dip recession have taken a backseat as of now and the hope of economic revival has increased. Consequently, the demand for the metal used in jewellery as well as in other industries has decreased. The Comex division of the New York Mercantile Exchange has witnessed a decline in the price of gold by 0.5%. The shares of SPDR Gold Trust registered a 0.9% decline. The decline in the Comex gold futures has prompted experts to reduce their estimated price. Also, FactSet Research has disclosed that the closing price was the least since May 21. Silver for August delivery has become $17.605 per ounce whereas Platinum has registered an increase to $1,515.50 per ounce. However, the budget shortfalls have broadened in Spain, Greece and Ireland, which has led to the weakening of the dollar against the Euro by 9.6%. Head of overseas futures at NH Investment & Futures in Seoul, C.H. Oh, revealed that lately the value of gold as a secure asset has declined and it will still take some time for things to become clear.

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