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An ounce of gold just lost $30 on euro worries

Michael Allan McCrae | May 23, 2012 | 5:02 pm Precious Metals Europe Gold 

Spot gold dropped $30 to $1,538/oz during Wednesday morning trading due to worries about Greece exiting the euro.

European leaders, who are at a summit in Brussels today, are striking pessimistic notes about the region and the economic crisis.

The S&P/TSX Composite Index is off 1.27% to 11,306.79 and theS&P/TSX Venture Composite Index is down 1.11% to 1.232.94.

Gold’s low point for the month was May 16 when spot gold hit $1,534.70 /oz.

European leaders are unable to come to a consensus with Germany favouring austerity measures and France favouring growth oriented policies. Greece also looks like it is doing a slow walk to exiting the euro since it is balking at fiscal measures imposed by the rest of the EU members.

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