Gold fell to a near four-month low on Tuesday, while silver sank nearly 7 percent and platinum dropped to a 2009 low, as the dollar rallied ahead of an emergency euro zone summit on Greece with the country’s banks rapidly running out of cash.
Gold, usually seen as an alternative investment in times of financial and economic uncertainty, has failed to see significant safe-haven buying due to the Greek crisis as fears of contagion seem to be limited, traders said.
“Attention is certainly on the Greek crisis, which is reinforcing the dollar against the euro and that’s obviously weighing on gold, which is not being perceived as a preferred safe haven at the moment,” ActivTrades chief analyst Carlo Alberto de Casa said.
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