Steep Drop In Gold As Equities Soar In Europe

Gold dropped as a slide under $ 1300 per ounce turned into a full scaled bear attack for the metal. Soaring equities in Europe and a drop in Crude oil prices exerted tremendous selling pressure on Gold and the commodity is currently trading at $ 1288 per ounce, down 0.86% on the day. These are the lowest levels in around one week for the metal. MCX Gold futures for August are trading at Rs 30969 per 10 grams, down 0.89% on the day, breaking under Rs 31K mark. Stocks surged in Europe on waning Italian worries and major indices are up in excess of 1%. DOW futures also jumped nearly half a percent to pulled Gold lower steeply.