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Gold becomes cheaper as the depreciation of the euro, pending approval of austerity measures in Greece, which had hoped for a second tranche of financial assistance.
Politicians in Greece agree on cost-saving measures necessary to obtain the second tranche of financial assistance, without which the country is threatened by default. Terms of credit must be agreed with the IMF and EU inspectors until the next meeting of eurozone finance ministers, said on Monday a representative of the Greek government.
From the beginning, gold has risen in price by nearly 10 percent, but Friday was the worst day for the market since the beginning of the year, as the hope for another round of easing monetary policy in the U.S. subsided after the publication of better-than-expected employment data.
Due to lower prices on Friday, the demand for physical markets in Asia. From the beginning, growing demand for gold coins and gold ETF-backed funds.
"The reserves of gold in the ETF funds rose last week to 20 tons, and in January, according to preliminary data, the net increase was 24.5 tonnes, after declining stocks in December. General fund reserves reached 2.404,6 tons and tons of only 1.3 below the peak reached in early December "- the report says Barclays Capital.
The cost of the February gold futures on the COMEX today fell to 1713.3 dollars per ounce.
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