Gold futures ended 1% lower on Tuesday, as the Euro strengthened and stocks advanced. The price reached below $1,200 an ounce for the first time since late May and touched its lowest level in seven weeks.
Gold for August delivery lost $12.60, or 1%, to $1,195.10 an ounce on the New York Mercantile Exchange. Other metals traded higher, with copper and palladium leading the way.
The euro strengthened in foreign-exchange trading and with as bullion has tended to trade inversely to the currency in recent sessions, investors offloaded gold bought in euros when that currency had fallen sharply.
The euro changed hands at $1.26, up from $1.25 late Monday, recovering near its highest levels since early May.
Gold suffered a major setback on July 1, when it ended 3.2% down, its biggest one-day drop since February. The current selloff may bring physical buyers back.
