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Gold futures

Gold futures sided lower but remained close to a six-day high as market sentiment continued to be dominated by developments surrounding Italy’s debt woes.On the Comex division of the NY Mercantile Exchange, gold futures conveyance traded at USD1,785.35 a troy ounce during early European morning trade, shedding 0.17%. It fast preceding fell by as much as 0.25% to trade at a daily low of USD1,783.55 a troy ounce.

Yesterday at November 8/2011, Italian Prime Minister Silvio Berlusconi announced that he would resign after parliament approves next year’s budget. The announcement came after Berlusconi lost his parliamentary majority during a vote on a budget bill.Investors have been focusing on Italy in recent sessions, after the country’s borrowing costs approached the 7% mark that prompted peripheral euro zone nations, Greece, Portugal and Ireland to seek bailouts.

Meanwhile, in Greece, outgoing Prime Minister George Papandreou was widely expected to name former European Central Bank Vice President Lucas Papademos as prime minister of an interim government later in the day. Elsewhere on the Comex, silver for December delivery slumped 0.68% lower to trade at USD34.91 a troy ounce, while copper for December delivery edged 0.13% higher to trade at USD3.537 a pound.