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Gold prices fell slightly pulling back from yesterday's strong gains currently quoted at USD1,226.30 or -0,26% a troy ounce. Yesterday's gains were fuelled by a weak greenback and retreating global stocks after Greece's political turmoil making the safe-haven investment in the precious metal more attractive - reaching the highest level in almost seven weeks. A weak dollar usually boosts gold's appeal as an alternative asset and reduces the cost of dollar-denominated commodities for buyers in other currencies.
Despite recent gains the metal is likely to remain vulnerable in the short term amid signs that the strengthening of the US economic recovery may prompt the Federal Reserve to start raising interest rates sooner than expected.
GOLD currently trading at USD1,226.30
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