Gold prices today fell as some investors sold the metal to cover losses in other markets, which dropped on concern that economic growth is slowing. Gold futures lost USD 2.30, or 0.2 per cent, to USD 1,215.40 an ounce on the Comex in New York.
Bullion for immediate delivery in London was 0.5 per cent lower at USD 1,213.75. The euro slid to a four-year low against the dollar and European equities declined on concern that the region’s sovereign-debt crisis will spread, denting global growth.
Other commodities, including most of the six main industrial metals traded on the London Metal Exchange, fell on global economic growth concerns. The euro touched the lowest level since March 2006, against the dollar and European equities, which slipped after a report showed US employers hired fewer workers in May than economists had forecast and as Hungarian officials said their economy is in a 'very grave' situation.
Crude oil futures fell as much as 2.8 per cent and copper dropped as much as 3.3 per cent in London.