Some and eventually more than all of Monday's gains in gold were handed back by speculators this morning as a further rise in the US dollar and a hefty slide in crude oil made life a tad more difficult for the bulls in the yellow and white metals.
Precious metals headed lower (all but platinum) as the US dollar picked up a tad of energy and the euro ran into a wall of overhead resistance amid the still (!) on-going crisis. Spot gold opened $10.20 lower at $1,754 per ounce.
The snapshot price check indicated gold ahead by $10.00 an ounce, at $1,362.1o on the bid-side. CFTC data continued to reveal that speculative interest in gold bullion is still waning - to the benefit of other, apparently more 'attractive' metals.
Global markets further digested the implications of last week's easing by the US Fed, but the hitherto one-way progress to the upside in various assets took a breather as the US dollar recovered additional ground late Sunday and into early Monday.
Dull conditions persisted in the metals and currency markets throughout the overnight period, following an equally lackluster trading session on Tuesday. Spot prices showed...almost no change or sign of life in the yellow metal.