NEW YORK (Commodity Online): Many factors have tugged gold lower ahead of the three-day Martin Luther King Jr. holiday weekend in the U.S., said RBC Capital Markets Global Futures.
Martin Luther King, Jr. Day is a United States federal holiday marking the birthday of Rev. Dr. Martin Luther King, Jr. It is observed on the third Monday of January each year, which is around the time of King's birthday, January 15.
According to RBC Capital, some retracement in the euro, profit-taking ahead of the long U.S. weekend, worries about possible European downgrades and news that European officials may delay any type of sanctions against Iran.
“For the short term, technical considerations may keep gold on the defensive as other commodities also saw profit taking,” RBC Capital concluded.
