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Reply #30: PRECIOUS-Gold dips, investors cautious before euro zone summit [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 08:28 AM
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30. PRECIOUS-Gold dips, investors cautious before euro zone summit

LONDON, Nov 5 (Reuters) - Gold prices dipped on Monday, after posting their sharpest weekly rise in more than a month, in cautious trading ahead of a meeting of European Union leaders to come up with a firm plan to tackle the euro zone debt crisis.

The two-year-old debt crisis has not only pushed a few euro zone nations to the brink of bankruptcy, but also threatened to split the single currency bloc and shake the global economy.

French President Nicholas Sarkozy and German Chancellor Angela Merkel will meet to align their positions on closer fiscal integration of the region, before a European Central Bank meeting and a European Union summit later in the week.

"I think politicians across the board recognise there is a huge issue here that needs sorting out. Whether Europe can deliver is still an open question," said Natixis analyst Nic Brown. "There is likely to be a fair amount of volatility on the political front this week."
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