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Gold prices rose today, as physical demand increased speculative buying after falling in the previous session. We also add that support the precious metal had weak economic data for Germany, which increased the chance that the European Central Bank (ECB) may lower interest rates. These German institute Ifo, published today, showed that business confidence in Germany deteriorated sharply in April, undermining hopes that the largest country in the eurozone will lead to a return of the region's economic growth. Deterioration of business prospects in all sectors of the economy has led to a drop in Ifo sentiment index the second consecutive month to 104.4 in April from 106.7 in March. Value was lower than the forecasts of economists had expected the index to be 106.2. It is said that the German economy is experiencing difficulties with the return to economic growth at the beginning of the 2nd quarter and that economic growth in 2013 could be weaker than expected.
Experts note that although investor confidence has not yet fully recovered from a substantial fall gold and outflow of exchange-traded funds, the demand for gold bars and coins, after all, grew up after prices fell to the lowest level in more than two years.
The data also showed that the stock of gold in the SPDR Gold Trust - the world's largest exchange-traded fund, fell yesterday by 0.68% to 1,097.19 tons from 1,104.71 tonnes on Monday, its lowest level since October 2009.
The cost of the June gold futures on COMEX today rose to 1424.10 dollars per ounce.
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