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12.03.2013 15:40

The price of gold rose above $ 1590

Prices of oil futures have increased, rising by almost 1% to $ 1,590 an ounce, after comments from ECB Weidmann, who said that inflationary pressures in the euro area is weakening, which can be seen as a sign of further easing of monetary policy. In addition, he reiterated that monetary policy can not solve the problems of the Eurozone. According to Weidmann is fiscal policy, not monetary policy, will determine the way out of the crisis, while only one monetary policy can not fix the structural problems in Europe and to ensure that the resolution of the debt crisis in the Eurozone. A member of the ECB also spoke of the need to continue reforms in the euro area, saying that in the peripheral countries the process of restructuring and are to be completed. Regarding inflation, Weidmann said that inflation expectations are well anchored. At the same time, lower interest rates, or other measures of the ECB monetary policy will not be decisive in overcoming the debt crisis in the Eurozone.

Note also that the sharp rise in prices for the precious metal has been supported by some physical buying in Asia, after the candidate for the post of Deputy Governor of the Bank of Japan Iwata said that the central bank should continue to conduct quantitative easing in its monetary policy, which aims to termination of deflation.

Further, the data showed today, yesterday gold in the SPDR Gold Trust - which is the largest gold exchange-traded fund in the world, fell to its lowest level in October 2011, reaching the mark with 1,236.729, 1,236.739, compared with the previous session.

April futures price of gold on COMEX has increased, and now stands at 1592.20 dollars per ounce.

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