Two hours into the Thursday session the selling intensified and gold fell some $10 under the $1,750 support level with a loss of nearly $30 per ounce. Silver dropped by 70 cents to once again draw close to the $33 mark.
Precious metals prices opened mixed on Tuesday with gold and silver retreating a bit while platinum and palladium staged advances. Spot gold was quoted at $1,791 per ounce, down about $5 while silver fell 15 cents to the $34.bid level per ounce.
Metals markets opened firmer on Monday as the on-going eurozone drama continued to play out without signs of a resolution despite the G-20 summit's end. Gold moved higher despite a slip in the euro and a slightly stronger US dollar.
Precious metals headed lower (all but platinum) as the US dollar picked up a tad of energy and the euro ran into a wall of overhead resistance amid the still (!) on-going crisis. Spot gold opened $10.20 lower at $1,754 per ounce.
Metals prices received further lift this morning as turmoil in Europe diverted funds in their direction but the complex was still competing with what is apparently shaping up as a stock market rally of notable proportions on both sides of the Atlantic.
Commodity prices rose this morning along with the levels of optimism surrounding the euro-debt summit and along with the region's common currency. Gold and the euro have been BFFs of late, so the yellow metal also gained in value.