WHOLESALE MARKET gold prices fell back to this week’s low of $1705 per ounce Friday lunchtime in London, as Asian equities closed sharply lower but Eurozone and US equities rallied following news of the "fiscal discipline" being agreed by political leaders meeting in Brussels.
All 17 heads of state in the currency union have agreed to being bound by European Commission approval of their national budgets, with "automatic sanctions" hitting any member whose annual budget deficit exceeds 3% of GDP.

Originally from The Market Oracle