Gold prices fall 2% as market goes 'fully risk on'
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Gold prices were dropping 2% in Tuesday trading as the financial market goes "fully risk on" following the U.S. delay in imposing new tariffs on the European Union to July 9, said
Colin Cieszynski, portfolio manager at SIA Wealth Management. This has put pressure on gold once again, while stocks and cryptos are rallying — "a sign investors are moving capital from
defensive to aggressive stances," he said. On Comex, June gold was down $70.20, or 2.1%, at $3,295.60 an ounce after losing nearly 2.2% on Friday, as benchmark U.S. stock indexes
climbed, with the S&P 500 up 1.5%. The outlook for gold, meanwhile, has been clouded as the political situation remains volatile and "things seem to be going tweet to tweet,"
Cieszynski said.