Though bullion's performance last week was its strongest in one month, the yellowish metal was driving downward on Monday amid the onset of a full week of meetings that are likely to focus on addressing the euro debt scourge, according to Reuters.
"The gold market this week will be shaped by the many political meetings due to take place, which are likely to focus on the sovereign debt crisis," states a research note authored by analysts with Commerzbank, according to MarketWatch. "Friday's European Union summit is the most important meeting over the next few days, though we can expect a long wait before a permanent solution to the crisis is found."
At 12:41 p.m. on Monday, gold futures dropped 0.98 percent, a $17.20 drop to $1,734.10 per troy ounce.
The sovereign debt crisis has brought several euro zone nations to their knees by attacking the nations' banks and public finance systems. Analysts are keeping an eye on the possibility that the euro zone will be divided, according to Reuters.
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