Gold lost some of its sheen today after rising for four straight days.
The precious metal traded at $1660 an ounce, representing a 0.03% decline from the prior day’s close. Intensifying eurozone debt concerns sent investors scurrying back to safe havens Treasuries and gold over the past week, so it is not surprising to see some profit-taking today. Italian one-year borrowing costs rose for the first time since November at a sale of short-dated paper today, reflecting fresh doubts in the market about the more indebted eurozone nations, ahead of a larger three-year sale on Thursday.
The news provided gold with some support, although reports claiming that physical buying of gold in India, the world's biggest buyer of the yellow metal, had abated, after a brief pick-up in the previous session, weighed on the commodity.