Gold Price Loses Some Altitude on Profit Taking and Better Risk Appetite

New York (Mar 1) Gold prices have lost some of their early daily gains in late-morning trading Tuesday. Some profit-taking pressure has set in, following some slightly upbeat U.S. economic data released. Also, the improved investor and trader risk appetite in the marketplace on this day--as evidenced by higher world stock markets--is a negative element for safe-haven gold. Still, the gold market bulls are enjoying the firm overall near-term technical advantage amid a price uptrend on the daily chart, and they are quick to point out some chart consolidation and "backing-and-filling" on the charts is not unhealthy. April gold was last up $2.70 an ounce at $1,237.40.

By 11am EST, spot gold was down $12 to $1233 as spot silver declined more than 1% to %14.79. Moreover, platinum slid $3 to $$935, while palladium surged upward $11 to $515.

Source: KitcoNews