Gold's Advance is Canceled Out as Euro Depreciates

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Source: Reuters
Gold surged over 2 percent yesterday, but lost all its progress on Friday when euro area crisis worsened. Euro weakened again as Fitch downgraded Greek sovereign debt to CCC and Moody cut the rating of 16 Spanish banks. Gold slid down by USD 1.45 to USD 1,571. A weekly decline of 0.6 percent is expected later today. If so, it will be a third consecutive week of losses.
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