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Gold prices fell today, reaching a five-week low at the same time, and despite the short-term speculative buying, further growth was limited by the weakness of the single currency and the situation on world exchanges.
Note that analysts saw the interest of short-term investors who want to cover their positions in gold, but as the technical picture remains weak, they predict that the continued liquidation of positions to continue if no clear reason for moving up.
Note that gold so could not get support from the euro, which fell against the dollar, as well as European stocks, which started to decline after data showed that the French and the German economy shrank more than expected in the fourth quarter 2012.
Meanwhile, support for the dollar had the U.S. data, which showed that the number of initial claims for unemployment benefits fell last week, more than expected.
Note that investment in gold as a whole fell this year on signs that countries such as the United States and China are rising, while the problems of sovereign debt and the economic recession in Europe is expected to continue.
In addition, the focus of the market is still a meeting of G20, which officials of central banks should provide clues on global growth as well as their views on the situation on the currency market.
February futures price of gold on COMEX today dropped, and now is up to 1641.90 dollars per ounce.
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