2011-06-28

Gold Price Sinks Below USD1,500

Gold enter the last few days of the second quarter limping after last week’s heavy selling pressure. Gold and silver fell 1.5% and 2.1% last week, respectively, while the “white” metals, platinum and palladium, fell 3.1% and 2.3%, respectively.

Gold Price Sinks Below USD1,500. The gold price traded lower Monday morning, falling $3.00 to $1,499 per ounce. The price of gold broke through a number of support levels last week as it plunged over $60. A stronger U.S. dollar has weighed on gold, silver, and the broader commodity complex in recent weeks. Sovereign debt worries, which have depressed risk appetites among investors, continue to dominate the headlines with key votes by the Greek and Italian parliament over austerity packages set to take place later this week.

Weakness in Gold was driven by strength in the U.S. dollar, which gained 0.8%, 0.9%, and 1.5%, against the euro, Canadian dollar, and British pound, respectively, last week. The dollar traded stronger overnight, but gave back most of its gains – notably against the euro – heading into this morning’s open.

News that Greek creditors may be near a deal to roll over as much as 70% of their debt obligations into longer maturities helped boost the common currency to 1.421 against the greenback.

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