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13.03.2013 15:20

The price of gold rose to $ 1,600, but later declined sharply

Prices of gold futures rose today, while rising to the level of $ 1,600, which is just a two-week high, which was associated with the publication of disappointing data on industrial production in the euro area. It is learned that industrial production fell in January by 1.3 percent on an annual basis, which is slower than the 1.7 percent decline in December. Economists had forecast a decline of 2 percent. Production has fallen over the last month in Germany, France, Ireland, Greece, Luxembourg and Finland. Data for Italy and the Netherlands are not available for the report due to changes in the base year.

Total production in the European Union (EU) fell by 1.7 percent year on year, after falling 1.8 percent in December. On a monthly basis, industrial production fell by 0.4 percent in January, replacing the 0.9 percent growth in the previous month. Economists had expected a decline of 0.1 percent. In the European Union, industrial production fell by 0.4 percent in the month dimension, after 0.8 percent growth in December.

Economists say that the precious metal has now reached its highest level since February 28 at $ 1,599.10, but was never able to overcome the key resistance level of $ 1,600, which was associated with a significant strengthening of the dollar, down with less than $ 1590 per ounce. We add that the increase in the dollar contributed to data from the Ministry of Commerce, which showed that retail sales and the sale of food in February rose by 1.1% and adjusted for seasonal variations were 421.40 billion. Sales growth has been observed for the fourth month in a row, and this is their biggest increase since September. Economists had expected sales growth of 0.5%. The January figure was revised upwards from 0.1% to 0.2%. Compared with the same period last year, sales increased by 4.6%. The jump in prices for the most part was secured higher prices for gasoline and an increase in car sales. Sales growth at gas stations was 5.0%, compared with a gain of 0.7% in the previous month.

Note also that comments from the Bundesbank that the eurozone crisis is far from over, and that the risk of inflation weakens, seen by market participants as the starting signal for the start of the rally in gold.

Analysts said that while investors remain hopeful in terms of gold, the breakout above $ 1600, may be called evidence of continued easing of monetary policy in the euro area, which can also cause traders to cover their short positions in the near future.

April futures price of gold on the COMEX declined and now stands at 1588.10 dollars per ounce.

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