Monday brought the largest drop in the price of gold per ounce in two weeks. After four days of gains, the price of gold steadied at $1,662.31 an ounce.
This announcement comes after news broke that Spain has entered into its second recession in three years, and that the world’s biggest gold buyer, India, has had a decreased demand of the product.
In times of economic instability, gold has long been a safe haven for investors. However, the current unstable economic conditions in Europe are causing investors to turn to currencies.
How do the fluctuations in gold prices affect the major currencies within the Forex market?
Join our Senior Forex Analyst, Shawn Beecher, in a complimentary webinar as he discusses the effects of gold in the market and what it could mean for your currency trading. To register for an upcoming Forex webinar,complete the form below.