Gold Prices lower near to last week’s 10-month low.

February Comex gold was last down $7.90 an ounce at $1,169.80.

March Comex silver was last down $0.077 at $16.755 an ounce.

The vote on the constitutional reforms in the Italian referendum was “N” by an extreme margin.

Italian Prime Minister Matteo Renzi resigned after the vote which deals a blow to the European Union.

Euro has declined after the news of Renzi’s resignation and shook stock and bond markets.

Financial markets had a recovery in the morning as European officials played down the prospect of a broader euro zone crisis, but Italy’s fragile bank sector had dropped more than 4.7 percent at 1320 GMT.

The Euro currency declined to a 20-month low on the Italian no-vote, recovered losses to trade higher on the day.

European stock markets were higher Monday.

Gold prices fluctuated after the event of Sunday’s Italian referendum vote but then sold off when it became clear that the market will not be unsettled by the event.

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