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- Gold prices decreased due to problems in Greece and Spain
Gold prices decreased due to problems in Greece and Spain
Gold futures down due to concerns about Greece and the lack of guidance on when Spain is planning to apply for financial aid.
Greece's international lenders refused further concessions to amend the labor law, proposed by one of the Greek coalition, while on the verge of bankruptcy the country needs the next tranche of loans, not to be left out of money in mid-November.
Spain's economy again caused concern after data showed that retail sales in Spain in September fell at a record pace. Sales fell by 10.9% compared to the same period of the previous year against the annual reduction of 2% in August. The September decline was the largest since the start keeping statistics in 2004.
The index of U.S. personal spending rose by 1.7% y/y in line with expectations. Personal income rose 0.4% in September, in line with forecasts, and personal expenses - by 0.8%, exceeding expectations.
December futures price of gold on COMEX today fell to 1707.70 dollars per ounce.
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