Italy: Mar Consumer Price Index (MoM) at 0.2%; (YoY) rises 1.6%

Gold prices fell Friday, ahead of the ECOFIN meeting in Europe, capping an ugly week for precious metals. Indeed, on the back end yesterday’s session that included profit taking and equity highs (S&P), the yellow metal has been unable to gain any momentum today. Having retested the broken support of 1567, prices are now edging lower during European trading as this level has morphed into resistance. Ultimately, a movement above 1570 would allay many bearish concerns, however at this juncture this has not proven to be the case. At the time of writing, gold is trading at USD $1557.57 per oz.