Fri 06 Jul 2012 15:09:00 CT
After a weak start the gold market generally surrendered to the bearish bias. With sagging macro economic views, adverse currency market action and a general risk off vibe in place gold was seeing selling pressure from a number of unrelated themes. Poor jobs data was seen as a deflationary threat instead of creating the prospect of fresh easing from the US Fed and that really highlights the bearish bias in play in the gold market at the end of this holiday shortened week. With flight to quality instruments soaring (Treasuries and the Greenback) it was clear that gold wasn't availing itself of a safe haven track today.
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