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Gold drops for the first time in five days against the dollar strengthening. Top of the negative dynamics of precious metal was laid on the data slowing growth in China. In I quarter of 2012. China's GDP growth slowed to 8.1% versus 8.9% for the previous quarter. In the I quarter of 2012. China's GDP growth forecast was worse than economists had forecast slowing to 8.3% and was lowest after the II quarter of 2009.
Support the dollar also had strong statements of U.S. investment banks JP Morgan and Wells Fargo for the first quarter of this year, as well as data on inflation in the U.S. in March. On Friday the U.S. Labor Department reported a slowdown in consumer price growth in annual terms in March, up 2.7% from 2.9% in February. In monthly terms, inflation in March slowed to 0.3% from 0.4% in February. These coincided with the forecasts of analysts.
In addition, investors were pleased with corporate reporting Wells Fargo, according to which the Bank's net profit in terms of one common share for the last quarter was $ 0.75 versus $ 0.67 for the first quarter of 2011 with the forecast of 0.73 dollars. A similar index of JP Morgan Chase was 1.31 dollar against 1.28 dollar in January-March 2011. Analysts had expected a figure with 1.18 dollars per share.
At the same time, a sharp drop in prices of precious metals interfere with the preliminary data on consumer sentiment index for April, University of Michigan, who unexpectedly fell to 75.7 points from 76.2 points in March. Analysts had expected growth to 76.5 index points.
May futures on the COMEX gold fell today to $ 1661.6 an ounce.
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