Gold drops on Friday, succumbing to sales in the global financial grounds after the huge losses JPMorgan undermined investor confidence.

U.S. bank JPMorgan Chase & Co said that he had lost at least $ 2 billion as a result of a failed hedging strategies. Although these losses are directly related to JPMorgan, they may have common negative consequences - further tightening of controls and oversight of risk management.

Hopes that the Greek politicians will be able to agree among themselves, a little calm markets. Antonis Samaras Conservative leader said that there is still hope to form a government, thus avoiding the re-election.

It should be noted that today the outlook for economic growth published European Commission. In 2012, for the whole euro area is expected to decline in GDP of 0.3%(same as the IMF predicts), while Germany's GDP growth at 0.7%, France's GDP growth by 0.5%, but drop in GDP in Italy by 1.4%.

The cost of the June gold futures on the COMEX fell today to $ 1572.0 an ounce and is now trading at $ 1586.8 an ounce.