Gold finished lower on Thursday, led by a drop in euro-priced bullion after the single European currency came under sudden pressure on heightened concerns over eurozone debt issues, although safe-haven buying limited its declines. Spot gold trimmed its decline to $1,520.40 an ounce, from the two-day low at $1,514.34 hit earlier. On Wednesday, bullion prices rose to $1,532.10 their strongest since May 4.
The upward trend established since a commodities sell-off earlier this month, however, remained intact, analysts said. Benchmark COMEX June gold futures also pared earlier losses to settle down $3.90, or 0.26 percent, at $1,522.80 per ounce. Earlier, the contract slipped to a two-day low at $1,514.60. It reached its highest since May 4 on Wednesday.
Gold has risen by more than 7 percent so far this year, in dollar terms, fuelled by investor concern over the eurozone debt burden, violence in the Middle East and the fragility of the US economic recovery. Spot silver fell to a low of $36.36 an ounce before recovering to $37.27 by day's end, down from Wednesday's close at $37.88 an ounce. Among other precious metals, platinum was down at $1,766.50 an ounce from Wednesday's close at $1,776.70, while palladium was up at $750.99 from $745.13 previously.
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