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Gold Loses Value as Economies of USA & Europe Improve

May 6, 2014 at 22:05 by Vladimir Vyun

Gold dropped today as positive developments in the United States and Europe added to signs of global growth and reduced need for safer investment options like precious metals. The US trade balance posted a deficit of $40.4 billion in March, down from $41.9 billion in February. Spain demonstrated particularly good results with the huge drop of unemployment and the jump of the services index.

The current situation in Ukraine provides support for gold as it usually happens during times of geopolitical risk. Yet analysts are skeptical about the ability of the commodity to get much strength from this factor in the long run.

June futures for delivery of gold slipped $0.7 (0.05 percent) to $1,308.6 per troy ounce as of 22:02 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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