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Gold down for first time in 2012

5th January 2012

Gold prices have fallen for the first time in four days today (January 5th) in commodity trading.

Prices for February delivery were down by 0.2 per cent to $1,609.60 per troy ounce on the New York Comex, while gold for immediate delivery was also down by 0.2 per cent at $1,607.75 in London.

Ole Hansen, vice president of trading advisory at Saxo Bank A/S in Copenhagen, said: "We are at the beginning of a new year so traders are lacking strong conviction, leaving room for these markets to be volatile. Bullion still trades as a risky asset."

He added that the ongoing weakness of the European single currency is placing a downward pressure on gold prices, despite the commodity's reputation as a safe haven for assets.

Last month, Reuters reported gold moved up to a one-week high of $1,628.30 per troy ounce on December 21st, breaking the 200-day movement average for the commodity.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.