Gold prices touched lows not seen in over six weeks overnight and they were heading towards finishing this week with their worst performance since the commodity meltdown of early May. Spot quotes showed the yellow metal trading near $1,486/oz.
New York spot precious metals dealings opened with relatively small losses on this last day of June, and appeared to be in search of fresh drivers to countervail ebbing interest and participation by speculators and professionals.
An overnight dip to the $1,490 area reignited perceptions that whatever the scope gold's recent falling away from the $1557 level might be, the decline might not draw to a close at least until some support is tested nearer $1,480.
Gold's steepest fall in nearly two months took place on Thursday as the commodities' sector also took a hit in values. Friday morning's trading action saw more follow-through selling in the precious metals' complex.
Precious metals prices were not spared the damage seen in other areas in the commodities' space this morning. Spot gold traded in the first half-hour of the Thursday session in New York with a sizeable, $30.00+ (1.85%) per ounce loss in value.
Spot metals dealings opened with losses in New York this morning as the decline in oil and concurrent rise in US currency helped shape the trading patterns. Gold started with a decline of $7.10 per ounce and was quoted at $1,532.90 on the bid-side.
Gold appeared set to record a second week of declines in value as the final trading session for the current week opened for action in New York this morning. A principal driver of the yellow metal's weakness was still the firmness of the US dollar.
Further weakness was manifest in the precious metals' complex overnight and early this morning as the US dollar was seen approaching the 76 level on the trade-weighted index amid continuing (and aggravating) troubles related to Greek debt.