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Gold lost in price from over $2,000 per ounce.


On Monday, gold prices fell slightly due to profit taking after a significant increase last week, but remained close to key levels reached last week due to strong demand for "safe assets" due to fears of a global banking crisis. Last week, gold prices rose significantly to over $2,000 an ounce due to fears of a "domino effect" among US and European banks. This year, gold has significantly surpassed the dollar as a safe-haven asset. On Monday, gold prices were under pressure from a slight recovery in the dollar after US Federal Reserve officials announced the possibility of raising rates at least twice more. Spot gold fell 0.2% to $1,974.54 an ounce, while gold futures expiring in June fell 0.2% to $1,994.76 an ounce by 8:42 pm ET. Over the weekend, US and European officials warned of a close watch on the banking sector for any signs of a potential credit crunch. Deutsche Bank AG (ETR: DBKGn) was the latest source of market concern as the cost of insuring the bank's debt against a possible default rose to a five-year high and sent the bank's shares sharply lower last week.

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Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
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