Industry News

Gold prices drop to begin the week

A June 11 report from Reuters revealed that gold prices fell on the day due in part to the euro retreating and buyers flocking to other assets.

The precious metal benefited from early gains due to European ministers agreeing to a $125 billion deal to help Spanish banks, but ended down 0.6 percent to $1,584.40 per ounce with U.S. gold futures for August delivery down $5.20 per ounce, the news source stated.

"What is going on in Europe doesn't seem to affect gold as much as you would have thought six months ago," Macquarie analyst Hayden Atkins told the news source. "It's really a QE trade - anything else is met with ambivalence. The most visible physical investment flows aren't particularly strong."

Also on June 11, copper grew the most in more than four months due in part to imports in China - the biggest consumer of the metal - climbing 12 percent in May and also due to Spain's bailout request. Copper and gold exploration are prevalent in the Sonora state of Mexico and gold mining is also found in Alaska as well as in British Columbia in Canada.