Gold Has Marginal Falls on Low Volume Trading, Profit Taking

Mark O’Byrne submits: Gold: Gold fell to $1,220/oz per ounce in early European trade before bouncing. It is now trading at $1,223/oz and has thus given up some of yesterday’s small gains as summer trading volumes remain low and traders book profits after the recent rise in gold prices. Investors remain risk averse as seen in weakness in equity markets and the safe haven bid for German bunds, Japanese yen and US Treasurys (despite the dollar coming under selling pressure). Gold was due a correction after its rise from below $1,160/oz to over $1,227/oz since July 27th which was a 6% gain in just 3 weeks. With trading volumes lackluster during this holiday period, some traders may decide to book profits.