Exchange traded funds tracking global stocks and precious metals were down heavily to open the week on lingering worries European leaders aren’t doing enough to check the sovereign debt crisis.
SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) fell 1.4% as the Dow shed nearly 200 points.
In metals, SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) both slipped about 3%.
Gold prices fell below $1,700 an ounce and were on track for their biggest decline in three months.
“In the last month, holdings at the largest gold-backed exchange-traded products have risen by nearly 1.2 million ounces, largely in response to concern over the slow progress in solving the Eurozone debt crisis,” Reuters reported.