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Gold retreated from a two-week high as concerns over the financial condition of Europe was hit on the euro and the dollar strengthened.
Euro zone finance ministers agreed Tuesday to unlock the second program of financialsupport for Greece € 130 billion in size in order to prevent the country defaulted in March. In return, Athens would have to take unpopular austerity measures, and private lenders will suffer heavy losses.
In the future, gold will be supported by low interest rates in the U.S., purchases by central banks and strong demand in emerging markets, including China. Goldman Sachs on Wednesday confirmed the favorable prognosis in gold prices in 12 months.
The cost of the February gold futures on the COMEX today declined to 1750.0 dollars per ounce.
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