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Gold finished down on the day after hitting US$1,170 per ounce in overnight trading before sliding back below the US$1,160 level.
The gold price had climbed earlier in the day as investors drove the euro higher against the U.S. dollar following news that an agreement was reached between European finance ministers on the terms of a Greek rescue package.
However, the gold price failed to hold its initial gains, and slid late in the day.
The gold price has been trending up over the past two and a half weeks after hitting a two-month low, closing at $1,087.09 on March 24. It rallied almost $74, or 6.8%, when it closed Friday at $1,160.90.
On Wednesday, the GFMS 2010 Gold Survey is due out, considered the industry’s most authoritative assessment of precious metals supply and demand. The report may provide the most significant occasion for increased trading activity in the gold price for the week.
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