Spot gold prices shed recent gains as investors steer clear of safe havens despite deadly attacks in Germany and Turkey

 
Francesca Washtell
Follow Francesca
SWITZERLAND-COLOMBIA-FAIRMINED-GOLD-CANNES-PALME D'OR
Gold prices have been tracking lower since Donald Trump's surprise election win last month (Source: Getty)

Spot gold prices slid lower today, shedding gains made in the previous two sessions.

The price of the yellow stuff fell 0.9 per cent to $1,127.94 an ounce in afternoon trading London time, according to data from Bloomberg, after optimistic remarks on the US labour market by Federal Reserve chair Janet Yellen strengthened the possibility of further interest rate hikes next year.

Deadly incidents in the Turkish and German capitals last night failed to spur investors into safe haven buying, which often occurs in times of political turbulence.

Read more: UK investors flock to fintech firm BullionVault as gold prices soar

In Ankara, the Russian ambassador to Turkey was assassinated by an off-duty police officer, while in Berlin 12 people were killed and 48 injured when a driver ploughed into a Christmas market.

Despite picking up to trade above $1,138 an ounce on Monday, the mini-rally has lost steam. However, gold prices are still above the 10-month low of just under $1,233 an ounce the commodity reached last week.

Read more: A short history of investing in gold – and what to expect for 2017

Gold prices have tracked lower since Donald Trump’s surprise victory in the US presidential election last month, as stock markets have been bolstered and made safe havens a less inviting destination for investors.

Related articles