Gold Falls to Lowest in a Month on Asian Holiday, Europe Crisis
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Gold fell to the lowest in more than a month on speculation that physical demand will slow during this week’s Lunar New Year holiday in Asia.
The absence of the Chinese market this week means demand from other regions has a larger gap to plug, thus exposing prices to a “fragile floor,” Suki Cooper, an analyst at Barclays Plc in New York, wrote today in a report. Prices also fell as ministers from the 17-member euro area met in Brussels today to discuss a possible bailout for Cyprus as a tightening election contest in Italy and a political scandal in Spain threaten to reignite the region’s debt crisis.