Gold may have its worst week in 2012 as it is currently down 3.5% for the week in dollar terms and nearly 3% in euro and pound terms. However, gold is still higher so far in June and the fundamentals suggest we have bottomed.
In volatile up and down trade, gold dropped for its 3rd day after Bernanke and the Fed failed to announce the latest round of QE. The sharp fall in gold and then even sharper rise and then fall again was unusual trading.
Gold rose $3.80 or 0.23% in New York yesterday and closed at $1,666.10/oz. However, there were more peculiar goings on in the gold market which saw one massive sell order knock prices lower, prior to gold gathering itself and moving higher.