Gold prices dropped in the spot market today, tracing the decline in morale in terms of assets involving the risk with continued investor concerns about the debt crisis of the euro area before the meeting of the Group of Twenty.
And the movement of gold in a narrow range in the previous week or so under the threat ofa possible default by Greece on its debt, which increased the attractiveness of gold as a safe haven for investments.
Informed France and Germany Algailltan of Greece’s surprise move to call for a referendum on the latest rescue plan, Greek Prime Minister George Papandreou on Wednesday that Athens will not get the new aid from the European Union to decidewhether you want to stay in the euro area.
Traders said gold may remain in the range between 1700 and 1750 USD/troy per ounce in the absence of news could indicate a clear trend.
Gold fell in the spot market 0.6% to 1727.29 USD/troy an ounce, and silver fell about 2.8percent to 33.25 dollars an ounce before recovering slightly to 33.41 dollars.
Platinum fell by 0.6% to 1587.49 USD/troy an ounce. Palladium fell 1.4% to 637.97 dollars an ounce