LONDON, Dec 10: Spot gold prices slipped under the $272 support level in European afternoon trading on Monday, tracking a weaker euro and hit by good selling, traders said.

At 1615 GMT, spot gold was at $271.70/272.20 a troy ounce, down from Friday’s New York close at $274.10/274.60.

The metal was fixed in the afternoon at $272.65 an ounce, down from $273.35 in the morning. Another trader said he expected prices to slip lower as bullion breached the key $272.00 support level.

“Gold appears unable to hold $272, that was the number...well, $270 here we come,” he said.

Others said the market had been quiet, with many players bracing for another quarter percentage point interest rate cut by the US Federal Reserve.—Reuters