• 
• See all for Henry Brier
• View Print Version

Gold prices were losing value on Wednesday as the precious metal tracked losses to the common currency of the European Union, according to Reuters.

Prospects for accomplishments in Brussels at the European Union's two-day summit beginning Thursday also were waning. The meetings mark the 20th time officials have convened to try and confront the sovereign debt crisis and its damaging tendencies since the scourge began in early 2010.

"I don't think there's any kind of catalyst near term for a significant rebound in gold prices," analyst Daniel Brebner with Deutsche Bank told Reuters. "That said, I think we'll continue to see very steady buying by central banks, which have been in the market for the last couple of quarters or so. That should help gold prices from weakening too much."

At 8:16 a.m. on Wednesday, gold futures sank 0.34 percent, a $5.40 fall to $1,569.50 per troy ounce.

Since the end of March, the price of gold has fallen 6 percent, representing the worst quarterly performance of the yellowish metal since the three-month period leading to June 2004, according to Bloomberg.

Related Commodities Articles

• 
  Market Wrap for Monday, May 20: Stocks Record Very Minor Losses; Greenback Falls Versus Euro
  5/20/2013 04:25 PM
• 
  Gold and Silver Divergence Suggest Lows Could Form
  5/20/2013 04:24 PM
• 
  Crude Oil Is Pushing Hard on Resistance
  5/20/2013 03:35 PM