Gold fell after rising for two consecutive days due to selling jewelry businesses in a fairly high level of risk appetite amid improved conditions on global stock markets.Bernanke's comments before the Senate that accommodative policies do not lead to a bubble in the U.S. stock market also helped trigger the U.S. stock market rally further this week. Moreover, consumer confidence and business positive euro zone, as well as improvement of German labor market had increased risk appetite sentiment.
Separately, the ECB president, Mario Draghi gives reassurance to investors that policies to tackle the European crisis will not be drawn to boost the euro zone economy.
Consequently improved risk appetite sentiment has weakened demand for safe-haven gold. Observed so far Gold spot price fell -0.66% at $ 1,586.88, after reaching its highest point at $ 1,602.90 and an intraday low of $ 1,586.52 daily per troy ounce.
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