gold price

Gold declined more than 1% Monday after Barack Obama said lawmakers had reached a deal to cut the country's deficit, which, if approved, would remove the threat of a default on debt.

The most-active U.S. gold futures fell more than 1 percent to $1,608.2, but recovered to trade down 0.9 percent at $1,616 an ounce by 0634 GMT.

Spot gold fell 0.8 percent to $1,613.24, off a record high of $1,632.30 set on Friday.

Gold prices surged higher above $1,600 an ounce in Europe on Monday on fears over the euro zone debt crisis and the threat of a U.S. default.

Spot gold rose as high as $1,601.80 an ounce and was up 0.5 percent at $1,601.28 an ounce at 1044 GMT. Gold rose more than 3 percent for a second straight week to Friday, a feat it has not achieved since February 2009.

Prices for spot gold remained steady on Wednesday sticking to their 5% gain during the past seven sessions and moving towards its record high on escalating fears over a euro zone debt.

"Investors are really fearful that the debt crisis will spread to nations beyond Greece," said Ong Yi Ling, an analyst at Phillip Futures.

On Tuesday gold prices remained just below $1,500 an ounce in Europe as the US dollar increased against the euro offsetting the positive impact of rising risk aversion fuelled by uncertainty over plans to roll over Greek debt.

Spot gold was trading at $1,497.45 an ounce at 0923 GMT, against $1,495.54 late in New York on Monday. U.S. gold futures for August delivery GCv1 rose $15.90 an ounce to $1,498.40.

The euro declined as the US dollar appreciated on worries over China’s economy and concerns that the US companies will pull back their dollars earned overseas.

Gold declined after the US Federal Reserve said US growth was slowing but gave no hint that it needed to provide additional economic stimulus.

The gold price is expected to grow 0.4% this week bringing gains for the month so far to 0.7 percent.

Spot gold priced in dollars was last down 0.4 percent on the day at $1,543.29 an ounce by 0834 GMT, having failed to convincingly pierce a key level of resistance at $1,550.00 the previous day.

Gold stayed almost unchanged ahead of the upcoming report on a US Federal Reserve meeting. On Wednesday the Fed ends its two day meeting which is expected to clarify the situation about an economy.

Spot gold traded steadily at $1,545.93 an ounce by 0542 GMT after rising as high as $1,547.90 on Tuesday. In early May gold reached a lifetime high around $1,575.

"Approaching the resistance level, we can say gold is a bit cautious," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

Gold prices declined on increasing US dollar but euro zone debt concerns could limit losses as investors were worried with the lack of any resolution for the crisis in Greece.

The Greek prime minister said he would form a new government as euro zone finance ministers conceded that a deal on a second international bailout of the ailing country was now unlikely to be reached at a summit next week.

Spot gold declined slightly on barely increasing dollar. However, the gold is likely to be supported by concerns over the debt crisis in the euro zone.

Platinum group metals built on recent gains, supported by the outlook for demand recovery from the automobile industry after the Japan earthquake as well as a potential supply disruption in South Africa.

The European Central Bank on Thursday signalled a July rate hike as expected, but raised the stakes in its stand-off with governments over a new bailout for Greece by rejecting any form of debt restructure.

Prices for spot gold remained steady during Thursday trade as investors looked forward at US monetary policy change. Meantime, palladium strengthened as the automobile sector recovers from the Japan earthquake in March.

The dollar index edged lower, as the euro was underpinned by expectations that the European Central Bank will likely flag a July rate hike at a meeting later in the day.

Spot gold was steady at $1,535.65 an ounce by 0554 GMT, after losing half a percent in the previous session.

U.S. gold GCcv1 inched down 0.1 percent to $1,537.20.

The coming meeting of the ECB has influenced not only the euro but gold as well. Gold fell 0.4% to $1,454.35 an ounce at 2:25 p.m. in Singapore, after striking a record of $1,461.91 on Wednesday. Volatility index of gold lowered more than 2% on Wednesday. 

Gold prices kept steady during Wednesday trades while the SPDR Gold Trust showed its biggest one-day fall ever, showing a decline in interest from investors as the latest U.S. data underscored an improved economic outlook.

Spot gold was little changed at $1,333.90 an ounce by 0033 GMT, off the three-month low at $1,322.70 hit on Tuesday.

U.S. gold futures was also little changed at $1,333.3.

Gold firmed on Monday rebounding from two consecutive days, while holdings in the SPDR Gold Trust rose for the first time in two weeks, as investors entered the market to bargain-hunt.

The euro rose to its highest in more than two months on Monday, after upbeat data from Germany showed business sentiment rose to its highest in 20 years on the back of a manufacturing sector now fully recovered from the 2008 financial crisis.

Gold traded higher on Wednesday supported by high oil prices, lingering worries about the severity of the European debt crisis and a shortage of gold bars in Asia.

Spot gold rose $4.70 an ounce to $1,385.15 an ounce by 0303 GMT. Despite safe haven buying related to the crisis in the euro zone, bullion was well below a historical high of around $1,430 struck in December.

Gold remained near its two-week high above $1,400 on Wednesday as the US scraggy economic data boosted the metal's safe-haven appeal, while bullish forecast for next year helped keep the market sentiment buoyant.

According to the latest data from the United States consumer confidence deteriorated in December while prices of single-family homes dropped almost twofold of the expected rate. It questioned the accelerating recovery of the world’s largest economy.

Gold prices held steady in Monday session as healthy physical demand helped buoy prices, while China's move to further tighten its monetary policy and upbeat U.S. economic data weighed on sentiment.

China raised banks' reserve requirement ratio on Friday, as the country's inflation soared to a 28-month high in November and put pressure on the government to step up efforts to curb inflation.