Gold retreats after Berlusconi says to resign

Editor’s Choice Credit Suisse asked to hand over U.S. client data Berlusconi will resign, says Italian president In a turnaround, Olympus admits it hid losses Appeals court backs Obama healthcare law Airbus lead widens as neo sales hit 1,000 Greek leaders strain to agree on coalition Asia’s dilemma: Pause or pre-emptive strike? MuniLand: Is fracking behind OK’s earthquakes? Video: Euro’s chance of survival is 50/50 Slideshow: Life in an Occupy zoneFollow Reuters Facebook Twitter RSS YouTubeRead Berlusconi to resign after parliamentary setback | Video 3:58pm EST 1 Sarkozy tells Obama Netanyahu is a “liar” 3:25pm EST 2 Europe debt crisis brings down Italy’s Berlusconi | Video 5:23pm EST 3 Latest accusations hurt Cain with Republicans: Reuters/Ipsos | Video 5:29pm EST 4 The Daily Outs Early Herman Cain Accuser as Scandal Spreads 8:49am EST 5Discussed 122 Sarkozy told Obama he is fed up with Israeli PM 102 Israel test-fires ballistic missile: Israel Radio 85 Detroit in ”extremely serious” fiscal shape: mayor Watched Stallone stuntman dies on set Stallone stuntman dies on set Mon, Oct 31 2011 Massive asteroid to fly past earth Massive asteroid to fly past earth Sun, Nov 6 2011 Soros: Angela Merkel was the creator of the European crisis Soros: Angela Merkel was the creator of the European crisis Fri, Nov 4 2011Gold retreats after Berlusconi says to resign inShare3 Share this Email PrintRelated News Wall Street edges up, swayed by Europe Mon, Nov 7 2011 Italy bond yields soar; euro zone troubles deepen Mon, Nov 7 2011 Berlusconi plays last cards, denies will resign Mon, Nov 7 2011 Euro falls on jitters over Italian debt Mon, Nov 7 2011 Gold rises 2 percent on Italy worry, technical buying Mon, Nov 7 2011Analysis & Opinion India markets weekahead: Bumpy road ahead, but time to top up your portfolio Capitalism and democracy under threat from euro zone crisisVisitors touch a 220 kg 485 lbs gold bar, worth around $12.8 million at today’s price, on display at the Jinguashi Gold Ecological Park in Xinbei city September 16, 2011. REUTERS/Pichi ChuangBy Frank Tang and Amanda CooperNEW YORK/LONDON | Tue Nov 8, 2011 3:56pm ESTReuters – Gold fell on Tuesday after trading above $1,800 an ounce for the first time in seven weeks, as news that Italian Prime Minister Silvio Berlusconi would resign improved the picture for of euro zone investment risk.Investors saw less reason to hold gold as a hard asset, hoping that European leaders can now refocus on ending the region’s debt crisis. Berlusconi said he would step down as soon as Italy’s parliament passed urgent reforms demanded by euro zone leaders to cut huge debt in euro zone’s third largest economy.Bullion traded higher through most of the session, supported by safe-haven buying on worries that a teetering government in Italy would accelerate the euro zone sovereign debt crisis. S&P 500 recovered its upward momentum to rise 1 percent.”Gold is down as the Berlusconi news negated some of the risk premium, flight-to-quality dynamic in gold. It was just a headline reaction,” said Erik Gebhard, principal of futures broker Altavest.Spot gold rose 0.7 percent to fetch $1,782.60 at 3:10 p.m. EST. It peaked at $1,802.60, the highest price since September 21.

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via Gold retreats after Berlusconi says to resign | Reuters.

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