Asian nations are observing the Lunar New Year and ministers of European Union nations are set to conduct discussions about the trying fiscal situations in Cyprus and Greece. Silver futures also tracked the slide of bullion. Senior broker Kurt Pfafflin with Daniels Trading said that fiscal issues with Greece are likely to continue tearing through the region.
“Lack of physical demand, coupled with worries about Europe, pushed the market lower,” director of metals trading David Meger with Vision Financial Markets in Chicago told the news source on Monday. “Today’s fall was exaggerated by the technical weakness.”
At 2:14 p.m. on Monday, gold futures fell 1.1 percent, an $18.30 loss to $1,648.95 per troy ounce. At 2:12 p.m., silver futures fell 1.33 percent, a 0.42 percent loss to $31 per troy ounce.
Reuters reports China, Japan, Singapore, Hong Kong and Korea are some of the larger-sized gold markets that are not in business this week due to observance of the Asian Lunar Year.
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