(RTTNews) - The price of gold was moving lower Monday morning amid worries over the euro zone financial situation after Spanish 10-year bond yields surged to new euro area highs.
Gold for August delivery, the most actively traded contract, lost $12.30 to $1,570.50 an ounce. Last week, gold ended marginally lower as investors mulled over the Federal Reserve Chairman Ben Bernanke's testimony before the Congress with no indication of any further monetary stimulus forthcoming in the near future.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,254.64 tons from 1,257.05 tons.
Meanwhile, the U.S. dollar was extending its 2-year high versus the euro and moving higher against sterling. The buck was lingering around a monthly-low versus the yen and trading flat against the Swiss franc.
The prices of silver and platinum were trading lower in morning deals.
