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Gold prices traded in a narrow range as investors await the outcome of the meetings of central banks of the euro area and Japan.
Last week, gold has fallen in price to a minimum of more than four months below $ 1.630 an ounce, as investors spooked minutes of the last meeting of the Federal Reserve, who showed concern about the side effects of "quantitative easing."
In 2012, gold has risen in price the 12th consecutive year by the central banks of the U.S. stimulus package and Europe. According to analysts, the Bank of Japan in January will consider further easing of policy, and the European Central Bank will not change interest rates at a meeting on Thursday.
Support prices may have increased demand in the physical market of Asia, especially in the largest consumer of gold - China and India. Premiums for delivery to India on Tuesday rose to its highest level in two months, as traders rush to place orders before the expected increase in import duties.
Yesterday, at the beginning of today's session, the price of gold prices rose amid signs that the buyers in China are increasing their investment in the precious metal on the eve of the Lunar New Year.
The amount of physical gold traded on the Shanghai gold market (Shanghai Gold Exchange), the main venue for trading this metal in China, jumped to record high this week. Trading volume on Monday exceeded 19,500 pounds, which is more than three times higher than the average of previous 30 sessions, according to the site SGE.
This was proof that the Chinese buyers took advantage has declined in recent years prices for gold purchases before the holidays. In addition, imports of gold to mainland China from Hong Kong reached a 7-month high in November, said the bank. This data is mostly considered an indicator of changes in demand for gold in the country. November data are the latest available at the moment.
Gold prices were down for the sixth session in a row, falling over this time by 6%. Growth of quotations of futures on Tuesday broke the 3-day price drop.
Buyers in China, tend to increase portfolios before the Lunar New Year, the celebration which will begin on February 10 and will continue for a week, during which markets will be closed.
February futures price of gold on COMEX today rose to 1666.00 dollars an ounce, and then decreased to the level of 1653.70 dollars per ounce.
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