Gold prices are driven down by the weak Euro against the decision of the European Central Bank on interest rates.

On Thursday the European Central Bank in Barcelona discussed the monetary policy has kept interest rates and the resumption of the program refrained from purchasing bonds.

Meanwhile, Spain sold at an auction of three-and five-year bonds at 2.5 billion euro swith an increase in profitability. It was the first auction after the decline of the country's credit rating agency Standard & Poor's by two points.

Stocks of the largest gold-ETF-funds fell by almost one million ounces, compared with a record level of 70.89 million ounces, registered on March 16.

Physical demand in Asia remains low after short-term price increases to $ 1,670 an ounce earlier in the week, and the weakening of the rupee has a negative impact on consumption in India - the world's largest gold market.

The cost of the June gold futures on the COMEX fell today to $ 1632.7 an ounce.