Gold retreats from 2-week highs

FXStreet (Córdoba) - Gold is falling on Monday for the first time in a week after making a strong reversal from 2-week highs. At the beginning of the European session the value of the ounce peaked at $1,284.80/oz, hitting the strongest level since May 27 but then reversed falling more than $10 in a few hours.

After Wall Street opening bell XAU/USD fell to $1,272.20/oz, the lowest price of the day and barely above Friday’s lows. Price remains near the lows, holding downside momentum probably on profit-trading after soaring last week.

Currently the yellow metal trades at $1,274.50, slightly lower for the day but far from the highs as stocks fall on Wall Street and Europe.