So too is optimism dropping for prospects of the two-day meetings scheduled for Thursday and Friday in Brussels, where European leaders are slated to convene to discuss remedies for the sovereign debt crisis.
"Unfortunately we are in a situation when you get debate on debate (on Europe), but no real material change," analyst Daniel Brebner with Deutsche Bank told the news source. "We're in a bit of a period over the summer when we are going to see very little meaningful action by policymakers in three key regions – Europe, the U.S. and China – and I suspect we will have a continued deterioration in economic indicators. That means pressures in the gold market will continue to mount."
At 8:01 a.m. on Wednesday, gold futures dropped 0.24 percent, a $3.80 loss to $1,571.10 per troy ounce.
Bloomberg reports The China Securities Journal stated the Asian nation could be preparing to enact policies that facilitate growth in the nation hosting the globe's second-largest economy.
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