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Note that, despite the current slight decline in gold prices, precious metal remains on track for the biggest weekly increase for the month, which is supported by the fall in the stock markets and comments from members of the Federal Reserve System.
It is also worth adding that gold was supported this week by the fall of the shares, and especially in Europe, which yesterday revealed its biggest one-day drop in nearly a year on Thursday. Meanwhile, speculation about the Fed is that the program of monetary stimulus may be completed, continues to put pressure on gold.
Experts point out that today's slight decline is likely due to the fact that investors are preparing for a longer weekend than usual due to the holiday in the U.S..
Also on the dynamics of trade have influenced the U.S. data, which showed that durable goods orders rose 3.3% in April after falling by a revised 5.9% in March. Economists had expected orders to rise by 1.1% compared to the 5.7% drop that have been reported for the previous month. Total orders for durable goods in April, adjusted for seasonal variation was 222.6 billion dollars. Spending increased in almost all categories, with the growth leader orders for military aircraft and parts, which increased by 53.3%, as well as orders for civilian aircraft, which increased by 18.1%. With the exception of volatile orders for transportation equipment, orders for durable goods rose 1.3% in April, compared with 1.7% ethyl drop in March. Orders for durable goods excluding defense value of goods in April rose by 2.1% compared with 4.7% ethyl drop in March.
Meanwhile, today it was announced that the gold reserves in the SPDR Gold Trust fell yesterday by 1.5 tonnes to 1,018.567 tons level, resulting in a total outflow for the week amounted to 19.8 tons.
The cost of the June gold futures on COMEX today dropped to 1386.50 dollars an ounce.
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