Gold: fell for a second day, paring a 12th quarterly gain, as concern European leaders may not stem the region’s debt crisis hurt stocks and commodities, forcing some investors to sell the metal to cover losses elsewhere.
Immediate-delivery gold lost as much as 1.5% to US$1,584.38/ oz.
Gold has fallen on “traders needing cash for margin calls on weak equity prices and newfound strength in the USD,” notes Commodity
Broking Services Pty. “The turmoil in Europe only seems to be getting worse.”
Cash silver lost as much as 2.5% to US$29.105/ oz, while Dec-delivery futures shed as much as 3.5% to US$29.095/ oz.
Spot platinum dropped as much as 1.4% to US$1,505.32/ oz.