Gold fell today as the US dollar clawed back some of Friday’s losses that came on the back of the successful EU summit.
European leaders agreed to a series of measures to stem the debt crisis including allowing banks to use Europe’s bailout fund to recapitalise and setting up a single supervisory body to oversee the banking sector.
The results of the summit boosted demand for riskier assets, while hitting the safe-haven US dollar.
Today, the US dollar rebounded with the US dollar index, which measures the greenback’s strength against a basket of six other currencies, added 0.3 percent.
Gold is seen as an alternative investment to the US dollar and usually moves inversely to the American currency.
Gold traded at US$1,596/oz this afternoon, down US$2 from Friday’s close. Platinum moved in the same direction as gold, falling US$2 to US$1,442/oz, while silver held steady at US$27.49/oz.
Toda’s top risers in the sector were:
Hambledon Mining (LON:HMB), up 11 percent at 1.66 pence at midday
Arian Silver (LON:AGQ), up 6 percent at 15 pence
Kryso Resources (LON:KYS), up 5.5 percent at 37.5 pence
GoldStone Resources (LON:GRL), up 5 percent at 4.15 pence
Petropavlovsk (LON:POG), up 3 percent at 468.8 pence
The top fallers were:
Avocet Mining (LON:AVM), down 16 percent at 75.75 pence at midday
Norseman Gold (LON:NGL), down 4.5 percent at 2.71 pence
Rambler Metals & Mining (LON:RMM), down 4.5 percent at 30 pence
Touchstone Gold (LON:TGL), down 3.5 percent at 14 pence
