Tuesday saw gold futures slip in value as the rosie outlook for Germany and France stepping forward to control the debt crisis attacking Europe faded while one of the euro-zone nations could not cast an important vote, according to Reuters.
Slovakia, the sole nation of the 17 countries in the euro zone bloc that has not cast a vote regarding the European Financial Stability Facility, was held up by a persistent dispute between a coalition of legislators and rogue lawmakers.
"A plan to end Europe's debt crisis is bearish for gold, however until investors believe whatever plan they have is going to work, gold will be supported," states a Tuesday email from chief investment strategist Wang Xiaoli with Citic Futures as cited by Bloomberg.
At 6:55 a.m. on Tuesday, gold futures fell 0.41 percent, a $6.80 slide to $1,664 per troy ounce.
But Wang also told Bloomberg that the peak season for gold began in August in India, the globe's largest consumer of the yellowish metal. Thus demand for gold is likely to continue supporting prices of bullion.
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