By Barbara Kollmeyer and V. Phani Kumar, MarketWatch
MADRID (MarketWatch) — Gold futures gave way to a strengthened dollar to post losses during European trading hours Monday, as investors shifted into the U.S. currency amid jitters over Greece and as a European Union summit was getting underway.
Gold for February delivery GC2G -0.48% gave up an advance during Asian hours to fall $9.70, or 0.6%, to $1,722.50 an ounce, a reversal following a $5.50-an-ounce increase Friday in the regular session on the Comex division of the New York Mercantile Exchange.
The metal’s most actively traded futures contract, for April GC2J -0.46% , also fell, down 0.6% to $1,725.90 an ounce.
The tumble tracked losses for other commodities, such as oil, along with stocks in Europe amid fresh worries over Greece’s financial problems, and signs of disharmony with the region’s biggest economy, Germany.
Greece’s troubles are overshadowing a European Union leaders summit on Monday. Read more on Greece, ”firewalls” and the EU summit
The ICE dollar index DXY +0.70% , which measures the U.S. dollar against a basket of six other currencies, stood at 79.291 compared to a level of 78.854 seen late Friday in North American trading.
Gold futures rose in Asian trading hours as Chinese financial markets reopened following the week-long Lunar New Year holiday. China is among the world’s largest spot markets for gold.
Among other metals futures, March silver SI2H -1.54% fell 1.4% to $33.31 an ounce as March copper HG2H -1.84% lost 1.4% to $3.83 a pound.
April platinum PL2J -0.80% gave up 0.8% to $1,609.40 an ounce, as March palladium PA2H -0.80% dropped to $685 an ounce, also down 0.8%.
