Perceptions that the global recovery process could be derailed by certain observed trends sank the euro to a one-week low overnight and reignited at least some of the recently faltering safe-haven quest for gold.
The yellow metal opened with a $3.10 per ounce gain just ahead of release of US new home sales and durable goods orders data amid by now 'normal' amount of apprehension exhibited since the last Fed meeting.
Precious metals opened Tuesday's session with some indications that today could possibly turn out to be a day of 'repairs' as conditions (a slightly lower dollar and rising European-oriented fears) were somewhat more conducive to the process.
Gold staged an attempted recovery this morning following Thursday's washout in prices that brought it to within striking distance of the pivotal $1,700 level. The yellow metal was on course to record its largest weekly decline in two months.