Gold futures were slipping on Monday, tracking the downward drive of the shared currency of the European Union, according to Reuters.
The yellowish metal was attempting to recover from its lowest value thus far this year, which it scraped in the middle of last week. Thursday and Friday saw the precious metal mount its largest two-day bullish run since October of last year.
"I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," analyst David Jollie with Mitsui Precious Metals told Reuters. "In the next few weeks leading up to the Greek election, there will be plenty of opportunities for people to worry about the European debt situation and the health of the euro in general. I think that will be positive for gold,
certainly in the absence of foreign exchange movements."
At 8:44 a.m. on Monday, gold futures slipped 0.23 percent, a $3.60 loss to $1,588.30 per troy ounce.
Despite last week's sharp's losses, gold achieved weekly gains of 0.9 percent as a result of Thursday and Friday, according to Bloomberg.
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