GOLD slipped in Europe yesterday as the dollar recovered losses against the euro, with a downturn in equity markets in Europe and the US knocking appetite for riskier assets.
Platinum and palladium held near multi-week highs, however, as optimism over the demand outlook boosted interest in the auto catalyst materials. Spot gold slipped to a low of 940,70/oz as the dollar’s rebound pushed prices through technical support at about 945/oz.
It was bid at 944,05/oz by early afternoon from 952,65/oz on Monday.
“The dollar strengthened after the (US home price index) data, (and) when we went through 950/oz we went through some option liquidation,” Gerry Schubert of INTL Commodities said. US gold futures for August delivery on the Comex division of the New York mercantile exchange fell 9,60 to 943,90/oz. Reuters
