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Gold prices rose markedly today, adding to its market value of about 1%, which helped secure a second weekly gain, helped by the depreciation of the dollar. It should be noted that the weakening of the U.S. currency due to lower concerns about the fact that the U.S. Federal Reserve will withdraw the monetary stimulus in the near future. Earlier this week, Fed Chairman Ben Bernanke said that all future plans in respect of the Fed asset purchases will depend on the strength of the economy. Note that the ultrasoft monetary policy that maintains the pressure on long-term interest rates and fueling fears of inflation, was the main factor behind the increase in gold prices in recent years.
Data presented today also showed that the outflow of gold from the largest gold exchange-traded fund in the world of SPDR Gold Trust, slowed to 3.9 tons this week with 22.9 tons last week. We also add that on Thursday, stocks fell by almost 1 tonne to 935.17 tonnes - the lowest figure since 2009. Investors said earlier this week there was evidence of what is expected of a significant sales ETFs.
In addition, published by the Central Bank of Russia data showed that the volume of stocks remained unchanged in June, which happened for the first time in nine months, when prices fell by more than 10% - to the lowest in nearly three years. We also note that Russia was the largest buyer of gold in the formal sector in the last decade.
The cost of the August gold futures on COMEX today rose to a high of $ 1293.30 an ounce.
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