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Gold stabilized above a five-year low
Gold is currently at $1,103.00 (-0.34%) an ounce. After yesterday's sharp drop the metal has stabilized just above its five-year low and an important support level $1,100. Many analysts say that today's stabilization does not mean that the down trend is reversed.
An imminent rate hike in the U.S., progress in Greece's situation and weak demand in top consumers China and India undermine gold's safe-haven appeal. However bullion price is unlikely to fall as dramatically as yesterday, because yesterday's plunge happened in a few minutes unlike for example a fall of 13% over two consecutive trading days in April 2013.
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