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26.11.2012 16:40

Gold fell

 

Gold becomes cheaper due to profit taking after rising to one-month high on Friday.

On Friday, the price rose to $ 1.754,10 per ounce - the highest since Oct. 12. From the beginning, gold prices rose by 11 percent, mainly due to expectations of loose monetary policy in the U.S..

This week, market participants will be watching the negotiations between the White House and Congress on how to avoid the "budget cliff" - tax increases and spending cuts that will take effect in January, and as investors fear could push the world's largest economy into recession .

Although the recession would increase the appeal of gold as a safe asset, he will have to overcome several key resistance levels to return to the September 2011 time high $ 1,920.

"Prices have risen significantly, and I think that investors are cautious, as many problems remain unsolved. Today, the U.S. will be a meeting on the budget, to try to prevent" fiscal cliff. "This is one of the problems along with the problems of the eurozone. Gold meet resistance at $ 1,755 and should not rise above $ 1,760 this week, "- said the managing director GoldSilver Central Pte Ltd Brian Lang.

Euro on Monday rose to a maximum of seven months against the yen and is close to monthly peak against the dollar due to the hope of providing new loans to Greece in the near future. The higher rate of the euro, the more attractive the price of gold in dollars to investors outside the U.S., but more cautious players are waiting indicator of consumer sentiment in the U.S. in November, to be released Tuesday.

December futures price of gold on COMEX today fell to 1749.40 dollars per ounce.



 

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