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Gold fell for a second day, reversing an earlier advance, as the euro weakened against the dollar before finance ministers and central bank governors from the Group of Seven nations hold a call on Europe’s debt crisis.
Immediate-delivery gold slid as much as 0.4 percent to $1,612.80 an ounce and was at $1,614.70 at 4:14 p.m. in Singapore. The metal earlier climbed 0.3 percent along with Asian stocks and other commodities on speculation that policy makers from the U.S. to China will take steps to boost economies after data signaled slowing growth.
The dollar rebounded against a six-currency basket including the euro, gaining for the first time in three days. The G-7 telephone discussions today precede a summit of leaders from the Group of 20 in Los Cabos, Mexico, June 18-19. Gold lost 1.4 percent in the past month as the Dollar Index rallied 3.9 percent in the same period.
“Gold has been trying to re-assert itself as a safe haven; however the dollar’s strength will continue to act as a resistance to rising prices,” said Feng Liang, an analyst at GF Futures Co., a unit of China’s second-largest listed brokerage.
August-delivery bullion was little changed at $1,615.70 an ounce on the Comex in New York, after rising as much as 0.7 percent. Holdings in the SPDR Gold Trust, the biggest exchange- traded product backed by bullion, stood unchanged at 1,273.88 metric tons yesterday, after climbing on June 1 for the first time since May 24, the company’s website showed.
Spot silver fell for a second day, dropping as much as 0.3 percent to $28.1750 an ounce and reversing a 0.8 percent advance. It was last at $28.2325. Cash platinum climbed 0.5 percent to $1,436.50 an ounce, paring a 1.5 percent gain. Palladium was unchanged at $612 an ounce, after adding 1 percent earlier.
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