23rd January 2012
Gold prices fell slightly this afternoon after weak economic data was published by the US that served to spook investors out of commodity trading.
Spot gold prices diminished slightly this afternoon (January 19th) by 0.4 per cent to $1,652.86 as of 14:36 GMT.
The news follows a three-day run of gains in commodity trading for the precious metal, although analysts have predicted growth in the value will likely resume in the not-too-distant future.
"Booking some profit after a strong run makes sense," Saxo Bank senior manager Ole Hansen told Reuters. "[The rally] is not overdone and will continue, but we need to retrace, have the support below confirmed before the next attempt."
Earlier this month, precious metals consultancy GFMS predicted gold values could breach the $2,000 per ounce mark by the end of the year, due to the commodity's position as a safe haven in the ongoing unstable marketplace.
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