On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,610.15 a troy ounce during early Asian trade, down 0.22%, after hitting a low of USDS1,605.95.
In Europe, Finance officials from the European Union, the European Central Bank and the International Monetary Fund were to decide whether additional changes may be necessary to the European Financial Stability Facility.
Officials said they would be holding an extra meeting in October to discuss the Greek situation and assess Greece’s compliant with terms for a bailout announced in July.
Earlier Wednesday, Federal Reserve Chairman Ben Barnanke said that the ailing U.S. labor market was a “national crisis that required attention from Congress and the White House.”
“We’ve had close to 10% unemployment now for a number of years, and of the people are unemployed, about 45% have been unemployed for six months or more. This is unheard of,” Bernanke added.
Earlier Wednesday, the U.S. Census Bureau reported that core durable goods orders fell in August to a seasonally adjusted -0.1, down from 0.7% the previous month.
Economists had forecast the figure to rise 0.2% last month.
Wall Street endured its first losing session in three, as Greek debt concerns and a dim corporate profit outlook sparked aggressive sell-offs.
The Dow Jones Industrial Average dropped 1.61% to 11,010.90, the Nasdaq Composite Index fell 2.17% to 2,491.59, and the S&P 500 shed 2.07% to close at 1,151.06.
Elsewhere on the Comex, silver for December delivery dropped 0.46% to trade at USD29.82 a troy ounce, while copper for December delivery lost 0.69% to trade at USD3.162 a pound.
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