Thursday saw gold futures edge downward in value as the yellowish metal tracked losses of the common currency of the European Union, according to Reuters.
Losses to bullion were minimized by increasing concerns about Iran's nuclear ambitions, which are being resisted by western nations concerned that the oil-rich nation has intentions to create weapons of mass destruction. The price of gold futures is hovering above the milestone price of $1,600 per troy ounce.
"As gold becomes more expensive, the much-regarded gold/silver ratio has risen to 55," states a note penned by Commerzbank analysts, cited by Reuters. "Although silver has gained considerable ground in recent days in gold's slipstream, there has been a clear upwards trend in the gold/silver ratio for some months now."
At 7:46 a.m. on Thursday, gold futures fell 0.08 percent, a $1.30 slip to $1,611.40 per troy ounce.
Efforts have begun among representatives of the 27 member nations of the European Union to implement a ban on the purchase of oil from Iran, The Associated Press reports. The drive is aimed at cutting off funding for Iran, which would minimize the Middle Eastern nation's capacity to move forward with its nuclear program.
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