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Gold prices drop on Tuesday amid rising dollar on the eve of the referendum in the Greek economy on a new program. Gold usually moves to the dollar in different directions.
Greek Prime Minister George Papandreou on Monday night shocked the Greek and European politicians, demanding a referendum in Greece on new agreements with the EU providing for cancellation of the 360-billion-dollar Greek debt in exchange for a multi-year program of austerity. International rating agency Fitch, in turn, reported that the planned referendum in Greece threatens the stability of the single European currency zone.
On the eve of the international rating agency Standard & Poor's has assigned MF Global, one of the largest brokers in the world market of derivatives, credit default rating. Earlier, MF Global has filed papers in court to initiate bankruptcy proceedings.
The price of gold in September 2011 fell by 11%. At the same time for the third quarter of this year, gold has risen in price by 8%. In 2010, prices for precious metals was a record and up 30%.
Gold for December delivery today fell to 1681.20 dollars per troy ounce on on the New York Mercantile Exchange.
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