The precious metal slipped to its lowest value in seven days and last week the precious metal endured its first weekly loss since early last month. Prior to trading on Monday, the yellowish metal had gained 7.6 percent in value. Bloomberg reports losses also are attributable to investors attempting to compensate for equity market shortfalls.
"Momentum has taken a step back in the wake of gold's failure to overcome $1,550 last week," according to a report penned by analyst Edel Tully of UBS.
At 2:15 p.m. on Monday, gold futures were down 0.64 percent, a $9.80 fall to $1,519.40 per troy ounce.
The greenback slipped in value against competitor currencies largely due to a renewed optimism about Greece's ability to emerge from the sovereign debt scourge plaguing it. After wrangling and debate by euro zone officials, Greek leaders and other interested parties, the Aegean nation is preparing to receive its second bailout package in two years.
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