"I think they're worried about serious trouble
," Perez-Santalla said, referring to economic uncertainty that has threatened the continent in recent years.
Though physical demand remains high for gold, it likely won't be significant enough to move the price in paper markets, said Scott Carter, CEO of Lear Capital.
Carter said he sees gold hovering near its current level of $1,450, and that $1,500 an ounce will provide difficult technical resistance for the precious metal to overcome in the near term.
Gold mining stocks were mostly lower on Tuesday. Shares of
(GFI - Get Report) were receding 4.7%, and shares of
(AEM - Get Report) were decreasing 3.3%.
Among volume leaders,
(ABX - Get Report)
was off 3.1%.
SPDR Gold Trust
was losing 1.1% to $140.53, while
iShares Gold Trust
was off 1.1% at $14.13 a share.
-- Written by Joe Deaux in New York.