The price of gold has weakened to a two-week low after a boost in the U.S dollar had made the metal less appealing as an alternative investment during Monday’s trading. Silver experienced even greater losses than that of gold after falling to a three-month low.
The greenback made gains of 0.5 percent versus a number of its currency counterparts due to concerns over the French presidential elections. There is fresh concern that the result of the presidential elections in France will interfere with efforts to aid the nation’s debt crisis.
Gold prices for June Contract dropped 0.8 percent to $1,629.60 an ounce during the early New York session. Prior to hitting that level, the yellow metal fell to $1,623.60, the lowest level since April 5. Before today’s drop in gold prices, the metal has fallen 1.7 percent for the month of April so far.
Elsewhere, Silver prices sharply dipped to trade below the $30.74 level, after previously declining to $30.63, the lowest silver price since January 20.
