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European jitters continue to hinder gold prices

15th February 2012

Ongoing fears over the prospect of a sustained economic recovery in the eurozone are placing pressure on precious metals.

Gold prices have suffered in the wake of the latest Moody's announcement, with six European nations seeing their credit ratings downgraded and the UK, France and Austria being warned their AAA ratings are in jeopardy, Reuters reports.

"Spot gold prices are expected to fall, as the upside seems constrained by resistance at $1,765/oz, which is keeping $1,802/oz out of play," Dan Smith, an analyst at Standard Chartered, said in a research note.

Earlier this month, the Economic Times revealed significant falls in the precious metals market resulted in Asian investors placing considerable investment into the gold market.

Analysts continue to believe prices will go up over the long term, with many investors regarding the commodity as a safe haven for assets during this period of turbulent economic activity across the globe.

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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.