Reuters reported gold futures prices fell to $1,576.80 an ounce, as the euro and stock markets declined and U.S. economic stimulation measures seemed unlikely.
As quoted in the report:
The struggling euro hit a session low against the U.S. dollar and European stocks extended their decline after Spain’s Valencia region said it would seek central government help to repay its debts.
Afshin Nabavi, head of trading at MKS Finance, commented:
Every time we go towards $1,570, some scattered physical related buying emerges. But there seems to be good selling around around $1,590 level too. It’s been a very long week within this range. The volatility has dropped as well.