FXstreet.com (Barcelona) - The most active contract for gold bullion extended to a low of $1454.70/ounce earlier today, as the market began to correct recent unprecedented gains and take advantage of profit-taking opportunities. The future found firm support however at that mark, and over Europe has recovered to the upside of $1460/ounce where it remains just underneath the day´s opening price.
Overall risk appetite has turned lower this week as today´s fresh nuclear concerns in Japan exacerbate an already fragile market sentiment. Gold bullion thus is supported near last week´s fresh all-time highs on a slightly higher aversion to risk which brings with it stronger safe-haven demand. What´s more, despite briefly stabilizing over Asia, the US dollar remains mostly marginalized against its European counterparts helping to make dollar-denominated commodities like the yellow metal more attractive on international markets.
