Gold on Tuesday declined for a first day in three, dropping with other commodities on concern a bailout of Spanish banks will fail to contain the euro-region debt crisis.

The gold lost 0.4 per cent to 1,590.93 dollar an ounce and silver by 0.2 per cent to 28.52 dollar an ounce.

Greek voters head to the polls on June 17 to decide whether to honour the country’s bailout and potentially determine the currency bloc’s future shape.

The euro fell for a fourth session against the dollar today, helping fuel losses in oil and copper, before erasing the drop. Bullion and the greenback tend to move in opposite directions.

The metal swung between gains and losses yesterday after Spain requested as much as $ 125 billion of European funds, becoming the fourth euro member to seek a bailout since the crisis began almost three years ago in Greece.

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