YEREVAN, May 14. /ARKA/. The results of elections in France and Greece pushed gold prices to go down last week. The constituents of these countries voted against austerity measures unleashing concerns related to euro zone’s budget consolidation plan implementation and decreasing attractiveness of the European currency.

Gold prices reached a new four-month minimal benchmark of 1,573.71 USD per troy ounce due to U.S. dollar’s appreciation. The tumble in prices is also caused by the speculations on Greece’s possible withdrawal from the euro zone as it failed to assemble a coalition government.
Meanwhile, the situation with government bonds raised a risk of euro zone’s failure to deal with its debts.

On May 10, Thursday, gold quotes reported stability trying to recover the losses. However, the prices dropped at the end of the week after China published weak data on industrial production and retail sales, as well as ongoing political unrest in Greece.

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Tags: Armenia, gold, metals, trice

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