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28.06.2013 15:28

Gold is going up for the first time this week

Gold prices broke a series of four consecutive declines, starting growth in the last few hours after the release of U.S. consumer sentiment index.

U.S. consumers have become more optimistic about the economy at the end of June. This is evidenced by the published data on Friday, University of Michigan and Reuters. According to the data, the final index of consumer sentiment in June rose to 84.1 compared with the preliminary value of 82.7. Now the index is just below the nearly six-year high 84.5 reached in late May.

At the same time, before the price of gold fell to its lowest level since August 2010 and is likely to show the worst quarterly figure since 1968 for fear of reducing the Fed's incentive program.

Over the past week the spot price fell by 15 percent because of the Fed's plans to reduce the volume of buying up bonds this year and the second quarter of gold fell by 25 percent, the worst performance since the beginning of statistics in 1968.

In contrast to April, when the price fell to a 30-year low, the current decline in quotes do not stimulate much consumption of gold in the largest markets - China and India.

Gold futures in Shanghai on Friday fell by nearly 4 percent. Premium to the spot price in London is $ 4 an ounce in Hong Kong, $ 3 per ounce in Singapore and $ 2 - in Tokyo. Demand in India - the world's largest consumer of gold - rose slightly, as the government in an attempt to reduce the trade deficit increased import duty on precious metals.

Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust remained close to a minimum of four years.

The cost of the August gold futures on COMEX today dropped to 1179.40 dollars an ounce, and then rose to 1220.80 dollars an ounce.

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