Gold slips as Europe concerns linger; oil supports
(Reuters) - Gold prices slipped on Monday, weighed by modest risk aversion across commodities as concerns about the euro zone remained, though high oil prices cushioned the slide.
Bullion prices rallied more than 3 percent last week, as investors took relief after Greece secured a bailout and expectations of further monetary easing boosted gold's appeal as a good inflation hedge.
During a weekend meeting of Group of 20 finance ministers and central bankers, euro zone nations were told to put up more money to fight their debt crisis if they wants more help from the rest of the world.
"There is a softer turn across commodities after the G20 added to the risk anxiety," said Nick Trevethan, senior commodity strategist at ANZ in Singapore.
"Gold failed to break the $1,780 resistance last week and is likely to bounce between $1,760 and $1,780, but the eventual breakout will be towards the upside."
Spot gold lost 0.3 percent to $1,774.94 an ounce by 0340 GMT, after posting a 3.3-percent gain last week. It hit a five-month high of $1,787.11 last Thursday.
U.S. gold was little changed at $1,777.
Technical analysis suggested that gold could rise towards $1,797 an ounce during the day, said Reuters market analyst Wang Tao.
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