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Gold prices fell by almost 2% against the fall of the euro caused by the excitement about the exchange of bonds in Greece and the euro-zone economic growth.
The dollar rose to a maximum of 2.5 weeks to the euro, which is putting pressure on concerns about the exchange of bonds of Greece. Gold's reputation as a reliable assetin recent years has declined, and investors prefer to keep funds in U.S. dollars.
Last week, gold prices have fallen by almost 4% since the U.S. Federal Reserve Chairman Ben Bernanke gave the market no hope for the third stage of monetary incentives.
China in January reduced the import of gold from Hong Kong by 15 percent compared to December in connection with a week's celebration of Chinese New Year in late January. In 2011, gold exports from Hong Kong to China have tripled, demonstrating the high interest in the precious metals of Chinese investors.
The physical demand in India - the world's largest consumer of gold - rose due to lower prices and the rupee.
March futures of gold on COMEX today fell to 1668.9 dollars per ounce.
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