Gold bullion trading under $1410
FXstreet.com (Barcelona) - A firmer US dollar is pressuring gold futures lower by mid-day over Europe, despite showing modest strength in late trading over Asia due to the Japanese earthquake and tensions over the Middle East. Currently the front-month contract trades under the day´s opening price at $1409.50/ounce on relatively light volume so far.
While the Middle East braces for another "Day of Rage" which could trigger higher risk aversion if unrest escalates in Saudia Arabia, the yellow metal for the most part continues to ease off Monday´s all-time highs due to a recovering US dollar. Re-emerging eurozone debt concerns have triggered a recovery in the greenback against its principle rivals, which weighs heavily on dollar-denominated commodities like gold in general.
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