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LONDON, July 1: Gold prices slipped to six-week lows in Europe on Monday as a stronger US dollar, bolstered by central bank interventions late last week, and firmer stock markets dimmed the precious metal’s safe-haven appeal.
Spot bullion closed at $312.85/313.35 an ounce, its lowest close since May 20, as both the dollar and the stock markets reversed the downward slide which had prompted a flight to gold by investors last week.
An orchestrated move by central banks to sell the Japanese yen to support the dollar on Friday sparked hefty selling of gold in New York trading which continued in Asia at the start of the trading week.—Reuters
