Dollar eats into gold profits

The price per gram of gold went down to 405,868 ROL (according to NBR) in Bucharest yesterday, from the 437,296 ROL at the beginning of last year. If calculated in nominal terms, the decline is of 7.1%, while in real terms it stands at about 17%. The development was prompted by the depreciation of the US dollar against the ROL, as the price of gold on the international markets rose from 414.75 dollars/ounce in early 2004 to 438.1 dollars/ounce on December 31. ZF