MW: Gold futures drop nearly $20 an ounce on Globex
By Polya Lesova, MarketWatch
FRANKFURT (MarketWatch) -- Gold futures fell nearly $20 on Tuesday, as European equities rose and the euro gained against the dollar, dimming the appeal of the metal as a safe haven.
Gold for June delivery fell $18.10 to $1,210.10 an ounce in electronic trading on Globex. It earlier hit an intraday low of $1,206.60 an ounce.
The contract finished marginally higher on Monday.
"Gold and silver are consolidating this morning as a result of the steadier euro, and could be at risk of a correction," said analysts at TheBullionDesk.com in a note to clients.
U.S. stock futures pointed to a higher opening on Wall Street ahead of data on producer prices and housing starts.
The euro (CUR_EURUSD 1.2427, +0.0035, +0.2824%) rose 0.4% to $1.2426, as Greece said it received 14.5 billion euros in loans from the European Commission and its short-term financing needs are covered.
The news dissipated immediate concerns over debt levels in the euro zone, which had sparked demand for gold as a safe haven in recent weeks.
