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Gold depreciates against the euro and the decline of stock markets. Prices retreated rapidly from its peak this week after Federal Reserve Chairman Ben Bernanke during a report to Congress is not hinted at a new stage of "quantitative easing" and gave a pessimistic outlook for the economy.
"Quantitative easing" is beneficial for gold as an asset, not bearing interest, as it helps to keep interest rates low.
Stocks of the world's largest gold ETF-secured fund SPDR Gold Trust, on Thursday declined by 9 tons to six-month minimum.
The focus of investors on Friday once again switched to the euro-zone problem, and this adversely affects the European single currency. Much of the growth of the dollar has provoked Spain at the beginning of the session. The region of Valencia has asked the Spanish government for help to refinance its debt. The yield on the 10-year Spanish bonds rose again above 7%, while the main stock index fell this country. This triggered a massive decline of the euro.
August gold futures on the COMEX today fell to 1572.6 dollars per ounce.
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