Reuters reported that gold prices were down nearly 1.5 percent as shaky commodities pushed investors to sell.
As quoted in the market news:
The selling erased an early one-percent rally that occurred amid optimism for a European Union aid package for Spain. EU ministers agreed to provide aid to ailing Spanish lenders. They set a maximum of 100 billion euros ($123 billion) of which some 30 billion euros would be available by the end of July if there was an urgent need.