Gold drops from 7-week high as euro declines, demand weakens

31/01/2012 07:15 AST

Gold on Monday declined from a seven-week high as European Union leaders prepared to gather for their first summit of the year and the dollar gained.

Gold fell 0.5 per cent to 1,727.10 dollar an ounce, falling for the first time in four days. Bullion reached 1,743 dollar, the highest level since December 8.

Silver also fell 1.3 per cent to 33.36 dollar an ounce after touching 34.01 dollar, the highest level since November 16. Silver has rallied 20 per cent in January, the biggest monthly advance since April, making it the best performing precious metal this year.

The euro weakened against the dollar before EU leaders meet in Brussels today to complete a German-led deficit-control treaty. The U.S. dollar rose 0.6 per cent against six-currency basket today.

Gold demand in India, the world's biggest bullion user, may have been "very low" in January because of higher prices and the volatile local currency, the Bombay Bullion Association said.


Bloomberg

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