Gold prices edged lower in trading on Monday as concerns over the euro zone debt crisis heightened. However, the precious metal’s losses were limited due to its safe-haven appeal. Silver prices, meanwhile, fell sharply on Monday.
Gold prices fell sharply earlier in the day, tracking losses in riskier assets, on worries that Spain, euro zone’s fourth-economy, will ask for a bailout. Investors’ sentiment was also weighed down by concerns that Greece will exit the euro zone.
The precious metal, however, pared some of the initial losses after the International Monetary Fund (IMF) said that it would begin discussions with the Greek authorities later this week on how to bring the debt-laden country’s economic program back on track.
At last check, spot gold prices were down 0.5% to $1,576 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange, meanwhile, settled $5.40 lower at $1,577.40 an ounce.
Technical analysts expect gold to find support at around $1,559/$1,560 an ounce.
Meanwhile, physical demand for gold continues to remain weak.
Silver prices also edged lower on Monday. At last check, spot silver was down 0.99% to $27.02 an ounce.
In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was down nearly 1%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down nearly 2%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up nearly 2%.
Platinum and palladium also slipped on Monday. At last check, spot platinum was down 1.20% to $1,394 an ounce, while spot palladium was down 0.6% to $568 an ounce.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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