SYDNEY (MarketWatch) � Gold futures slipped on Tuesday, as a ramp-up in pressure on the euro due to renewed concern about Europe outweighed the metal�s safe-haven qualities.
Gold for April delivery GCG3 �lost $1.70 to trade at $1,674.80 an ounce in electronic trading on Tuesday.
The yellow metal climbed $5.80, or 0.4%, to $1,676.40 an ounce on the Comex division of the New York Mercantile Exchange in regular trading Monday as political turmoil in Europe ramped up, even as the euro fell against the dollar.
The euro EURUSD �fell further against the dollar on Tuesday, to reach $1.3485 from $1.3511 in late North American trading on Monday and $1.3661 late Friday. Read: Spain, Italy concerns spur euro profit-taking
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�Gold is historically positively correlated to the euro,� said precious-metals strategists at HSBC. �The bullion market may focus on the upcoming European Central Bank meeting and its corresponding euro reaction, we believe,� the strategists said.
Gold�s rise on Monday came even as the dollar strengthened.
The ICE dollar index DXY , which measures the greenback against a basket of six rivals, reached 79.669 from 79.589 in late North American trading on Monday.
Trading across the wider metals complex proved a mixed bag, as silver for delivery in March SIH3 �ticked up 1 cent at $31.73 an ounce and copper for delivery in March HGH3 �traded flat at $3.77 a pound.
April platinum PLJ3 �declined $5.10 to $1,693 an ounce while March palladium PAH3 �fell $9.10 to $748.70 an ounce.
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