Today’s AM fix was $1,193.50, €1,055.17 and £777.12 per ounce.
Friday’s AM fix was $1,203.50, €1,061.38 and £782.51 per ounce.
Gold and silver were lower last week, with gold down 2.2% and silver a large 6.1%.
Gold fell 0.53% percent or $6.40 and closed at $1,201.00 an ounce on Friday, while silver slipped 0.98% percent or $0.16 closing at $16.23 an ounce.
Gold reached its lowest price in 6 weeks on today at $1,192.00. In Singapore, gold was marginally higher on demand from India and South East Asia and reached $1,204.50 per ounce prior to aggressive selling in early European trading pushed the price below the important $1,200/oz level.
Some of the Greek related safe haven bid has waned after a conditional loan extension for Greece was reached on Friday.
But the last-minute deal over Greece’s bailout may not be accepted and uncertainty remains high, leaving the euro under pressure against the dollar, the pound and even the yen. Euro gold remains over €1,050 and has begun to tick higher after initial losses in early European trading.
The absence of the world’s largest gold buyer China from the market may also be leading to weakness. Chinese physical demand will reemerge when Chinese markets open after the New Year on Wednesday.
A close below $1,200 today, would make gold vulnerable to a fall to test the low of $1,130 seen in early November.
