Gold prices saw a flat day

[gnutrade.satya]

Gold prices saw a flat day for second consecutive day as jittery investors fretted that a $1 trillion European rescue could be too late to contain debt contagion. Bill O'Neill, partner of New Jersey-based commodities firm LOGIC Advisors said: "There is some margin-related selling in gold triggered by losses in other assets. And the technical indicators are very high, it's not surprising that we would have consolidation today."
Saxo Bank senior manager Ole Hansen said: "There are losses being made in various places, and potentially there is a need to lock in some profits to offset some of the losses being created in commodities generally... and in other sectors. When you start to see other sectors start to give way as we've seen here, that will have a natural spillover effect."
The June contract for gold was at $1,227.80 an ounce, $1.40 down.