CNBC reported that gold is now steady after sliding to just below $1,620. Its drop was the result of a weakened euro and caution due to the upcoming European Central Bank meeting.
As quoted in the market news:
Spot gold was down 0.3 percent at $1,618.09 an ounce at 7:14 a.m. EDT (1114 GMT), while U.S. gold futures for August delivery were down 40 cents an ounce at $1,617.60. Spot prices are on track for a 1.3 percent gain in July.