Gold prices fell to a 4-1/2-month low on Monday, as the dollar strengthened and investors liquidated risky assets after political deadlock in Greece fed worries that the country could default, worsening the euro zone debt crisis. Spot gold hit a session low at $1,556.50 an ounce, its lowest since December 30, 2011.
It recovered slightly to trade at $1,561.55 an ounce at 2:32 EDT (1832 GMT), down 1.1 percent from $1,578.30 hit late Friday in New York. Benchmark June gold futures lost $23, or 1.38 percent, to settle at $1,561 per ounce, after trading as low as $1,555, a level last seen on December 29.
While platinum group metals tumbled with gold, analyst said they think their longer-term prospects are more positive. Spot platinum fell 1.95 percent to $1,431.58 an ounce, spot palladium lost 1.63 percent to $589.75 an ounce, and spot silver was down 2.42 percent at $28.21.
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