Monday saw gold futures hovering in value as the common currency of the European Union continued dropping amid the damaging sovereign debt crisis, according to Dow Jones Newswires.
The leaders of the nations hosting the euro zones two top economies, Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France, were set to convene in Berlin later on Monday for purposes of discussing enhanced fiscal discipline among the 17-member euro zone nations.
"The rise in volatility across all assets makes investors jittery about their investments," chief executive officer Sundeep Sikka of India's second-largest gold exchange-traded fund told Bloomberg. "We see gold continuing to attract interest even in 2012. Investors are looking for a haven to park their money as the market sentiment for equity is uncertain."
At 7:40 a.m. on Monday, gold futures fell 0.05 percent, an 80 cent drop to $1,617.60 per troy ounce.
Also on Monday the euro touched its lowest value since late 2010 when compared with the U.S. dollar, Dow Jones Newswires reports. Demand for the yellowish metal in India, a top consumer of the precious metal, has been slower than anticipated.
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