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31.05.2013 15:40

Gold becomes cheaper after the euro

Gold prices down on stronger dollar and weak euro.

Data released today showed that unemployment in the euro zone rose in April to a new record high, while consumer price inflation remained muted in May - a combination that adds pressure on the European Central Bank, forcing the focus on policy and stimulate economic growth, easing measures austerity.

The unemployment rate in the euro area rose to 12.2% in April, the highest figure since records began in 1995 statistics. Recall that in March, the unemployment rate was at around 12.1%. The figures in line with expectations, confirming that consumers and businesses continue to struggle against the long period of austerity. European statistical agency Eurostat has also published a preliminary assessment of consumer price inflation in May at 1.4% compared with the same month in 2012. This compares with an increase of 1.2% in April, which was the lowest inflation rate in three years.

From the beginning, gold fell by nearly 16 percent, and prices will drop in May, the second month in a row.

Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust rose for the first time on Wednesday, May 9 to 1.013,15 tons, but still close to a minimum of four years, as investors prefer higher yielding stocks.

The cost of the June gold futures on COMEX today dropped to 1389.00 dollars an ounce.

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