Gold shrugged off the influence of a firmer euro and turned lower on Monday as speculators booked profits after prices rallied to their highest in more than a month in the previous session on technical buying.
Speculators also turned their attention to negotiations between the White House and Congress this week to avoid a series of automatic tax hikes and spending cuts worth $600 billion set for January, which could tip the economy back into recession.
Although a recession could lift the metal's safe-haven appeal in times of uncertainty, gold would have to clear several key resistance levels before it could revisit a record around $1,920 hit in September 2011, when a worsening debt crisis in Europe sparked in rush in buying
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