Wholesale London gold tumbled more than $20 per ounce in quiet trade Thursday morning, falling with world stock markets after the week's "three-day rally [in gold] prompted some profit-taking" according to one dealing desk.
The dollar gold price fell below $1,750 an ounce Tuesday morning, though it remained near to where it started the week, as stock markets recovered yesterday's losses following news of a deal on Greece's debt burden.
Spot market gold prices hovered just below $1,720 an ounce Thursday morning in London – 2.4% up on last week's close – while stocks recovered some ground and the dollar ticked higher as central banks in the UK and Europe left monetary policy unchanged.
Wholesale market gold bullion prices held above $1,770 an ounce for most of Friday morning's London trading, near their six-month highs hit after the US Federal Reserve announced a third round of quantitative easing (QE3).
Gold prices rallied to $1,679 per ounce Monday morning US time – up nearly 1% on last week's close – after Federal Reserve chairman Ben Bernanke said "continued accommodative polices" are still needed to support the US economy.
Dollar prices to buy gold were struggling to stay above $1,700 an ounce Thursday lunchtime in London, following the latest monetary policy announcements from the Bank of England and European Central Bank.
Spot gold rose to a high of $1,647 per ounce Monday morning in London - 0.8% below last week's peak - while stocks and commodities were broadly flat as markets absorbed Friday's news of cuts to nine Eurozone sovereign credit ratings.