LONDON, Jan 2: Gold struggled to nose higher in Europe in its first trading session of the New Year as the euro soared against most major currencies following the successful introduction of euro notes and coins, traders said on Wednesday.
As the euro bounced against a wide range of major currencies after its smooth launch on January 1, spot bullion prices were hard pushed to take advantage of the European single currency’s jump to two-week highs against the US dollar, they said.
Spot gold could muster a rise of just 50 cents from its morning lows of around $278.00 a troy ounce as the effects of overnight Asian profit-taking kept a lid on the upward move.—Reuters
