Gold falls, investors cautious before a summit of the euro area

Europe

Gold prices dropped on Monday after it posted the biggest weekly increase in more than a month in transactions cautious ahead of a meeting of EU leaders for a plan to address the debt crisis of the euro area.

And paid the debt crisis two years of some euro zone countries to the brink of bankruptcy and is now threatening the division of the single currency area and causing shock in the global economy.

And meet with French President Nicolas Sarkozy, German Chancellor Angela Merkel to coordinate their positions on financial integration closer to the region before the meeting of the European Central Bank and European Union summit later this week.

By the time 1212 GMT, spot gold price 0.4 percent to 1739.29 USD/Troy an ounce, after rising about four percent last week.

The price of gold fell 0.4 percent to U.S. 1744 USD/Troy per ounce.

And the superiority of palladium over other precious metals rose 0.5 percent to 22.645 dollars supported by data released last week showed U.S. auto sales up 14 percent in November, the fastest rate in nearly two years. Palladium is used in the automotive industry.

Platinum fell 0.5 percent to 1539.99 USD/Troy an ounce, while silver rose 0.03 percent recorded 32.57 dollars an ounce.

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