Gold, on the other hand, declined to a two-week low, hovering around $1,785 an ounce and silver was slightly above $40 an ounce. [The Contrarian: Short Gold with ETFs?]
“A few soothing words by the leaders of France and Germany over the Greek predicament have helped calm fears of default and spurred buying in equities,” Nick Trevethan, senior commodities strategist at Australia & New Zealand Banking Group Ltd., said. Technically, Trevethan believes that “prices could quickly rally back towards $1,900” if gold manages to regain its $1,850 level.
ProShares Ultrashort Gold ETF
Max Chen contributed to this article.