Gold Falls for Third Day as Investor Demand for Haven Wanes

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July 24 (Bloomberg) -- Gold fell for a third consecutive trading session on some investors' expectations that there may be a cease-fire between Israel and Hezbollah in Lebanon, diminishing the appeal of the metal as a haven.

Some investors buy gold to diversify their portfolios when equity markets decline. The precious metal climbed to the highest in almost two months on July 17 as fighting in the Middle East escalated. U.S. Secretary of State Condoleezza Rice, who is traveling in the region today, said a cease-fire was ``urgent,'' Agence France-Presse reported her as saying.

``As we now have signs that there's some lessening of tension there, we are seeing that gold has moved a little lower again,'' said Ulrich Steiner, an analyst at Bank Leu in Zurich.


My personal view is that all the above reason is just bull-shitting and nonsensense. The main reason to pull gold further down is still one word i.e. "对冲基金说了算,他們想去到那裡就那裡".