Industry News

Gold softens after several days of growth

Despite three straight days of advancement, gold was under pressure for the first part of May 22 due in part to a weaker euro and other factors, according to Reuters.

Spot gold was down 0.63 percent to $1,576.21 per ounce and gold futures for June delivery in the United States were down $6.10 or 0.38 percent to $1,582.60, the news source stated, as investors bet against a meeting this week with European leaders to discuss the debt crisis that is putting the region in turmoil.

"Attention is being focused upon the EU summit meeting this week at which Greece shall be the main... and perhaps the sole... talking point," said analyst Dennis Gartman in his daily note, The Gartman letter.

According to a report from Kitco News, the market was also negatively affected overnight when the Fitch credit rating agency downgraded the sovereign debt rating in Japan as the result of a growing public sector debt amount.

Meanwhile, gold exploration, mining and production remain rampant around the world. The metal is routinely mined in Alaska and British Columbia as well as in the Sonora region of Mexico where copper is also prevalent.