Gold declines on reduced european debt concern
Mario Monti, was offered Italy's prime minister post, boosting confidence in the country's ability to cut the euro's 2nd-biggest debt.
By Bloomberg | Updated:
LONDON: Gold today declined as demand for a protection of wealth waned after Italy and Greece appointed new leaders in an attempt to contain the region's sovereign-debt crisis.
The gold fell USD 11.95, or 0.7 per cent, to USD 1,776.72 an ounce. Prices gained 1.9 per cent last week, a third consecutive increase. Silver fell 1 per cent to USD 34.32 an ounce.
Mario Monti, a former European Union competition commissioner, was offered Italy's prime minister post, boosting confidence in the country's ability to cut the euro region's second-biggest debt.
George Papandreou resigned last week as Greek prime minister to make way for a coalition led by Lucas Papademos.
Europe's inability to contain a regional debt crisis that started in Greece more than two years ago led to a surge in Italian bond yields as investors bet on which nation may need aid next.
Monti will try to reassure investors that Italy can cut a 1.9 trillion-euro debt load and spur economic growth that has lagged behind the euro-region average for more than a decade.
The gold fell USD 11.95, or 0.7 per cent, to USD 1,776.72 an ounce. Prices gained 1.9 per cent last week, a third consecutive increase. Silver fell 1 per cent to USD 34.32 an ounce.
Mario Monti, a former European Union competition commissioner, was offered Italy's prime minister post, boosting confidence in the country's ability to cut the euro region's second-biggest debt.
George Papandreou resigned last week as Greek prime minister to make way for a coalition led by Lucas Papademos.
Europe's inability to contain a regional debt crisis that started in Greece more than two years ago led to a surge in Italian bond yields as investors bet on which nation may need aid next.
Monti will try to reassure investors that Italy can cut a 1.9 trillion-euro debt load and spur economic growth that has lagged behind the euro-region average for more than a decade.
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