Gold futures fell from their record-high prices on Wednesday, dropping in value as investors capitalized on Tuesday's record-setting session by selling their holdings to collect the gains, according to Bloomberg.
Having dropped from its all-time high of $1,921.15 per troy ounce, the precious metal also dove below the milestone price of $1,900 per troy ounce. Yet the strong performance of the yellowish metal is expected to continue due to the debt scourge tearing through banks and public finance institutes in the euro zone.
"With euro-zone debt problems likely to weigh on risk sentiment, we expect the buy-the-dip mentality to help underpin the metal," states a report by analyst James Moore with TheBullionDesk.com in London.
At 6:51 a.m. on Wednesday, gold futures dropped 1.72 percent, a $32.20 fall to $1,841.10 per troy ounce.
Greece, which was approved for a second bailout for its beleaguered banks and financial system earlier this year, will not receive an installment of those funds until the Aegean nation fulfills goals delineated in the aid package, the German finance minister told Reuters.
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