Gold futures were tracking downward on Thursday, following the slope of the shared currency of the European Union as analysts, investors and additional observers eyed the European Central Bank regarding its interest rate decision, Reuters reports.
A Spanish debt auction prompted yields to gain, raising questions and doubts as to whether the nation is able to preserve its financial integrity amid threats posed by the lingering sovereign debt crisis that has been thrashing about the euro zone for more than two years. Spain is within the clench of a recession and looming concerns about economic situation are becoming more grave.
"Overall … I'm feeling a bit bearish today, which worries me slightly, seeing as we are near the lows again, but the market feels heavy and in the absence of any positive news I think we can slip," precious metals head David Govett with Marex Spectron told Reuters on Thursday. "However with plenty of releases today, it will pay to be quick to get in and out if necessary."
At 8:56 a.m. on Thursday, gold futures dropped 0.79 percent, a $13 loss to $1,641 per troy ounce.