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The cost of gold futures rose sharply, rising at the same time to the highest level in almost three weeks, despite the strengthening of the dollar against the background of technical buying.
In addition, it was reported that gold holdings in the largest gold exchange-traded fund in the world - Holdings in the SPDR Gold Trust rose on Friday by 0.2% to 911.13 tonnes, recording the first increase since June 10. Since the beginning of this year, the outflow of gold from the fund amounted to 14 million ounces, roughly equivalent to $ 19 billion at current prices.
Note that traders reported buying gold from those who agreed to sell in anticipation of lower prices in the future, while automatic buy orders that were placed near the important levels, have helped increase the growth of gold prices.
We also add that the precious metal has received support from Friday's data on wholesale inventories in the U.S., which unexpectedly fell in June, registering the second monthly decline in a row, prompting economists to cut growth estimates for the second quarter and increased speculation that the Federal Reserve may continue the action to stimulate the economy.
Market participants are now awaiting data on U.S. retail sales, which will be presented tomorrow, and will help to assess the timing of the program to purchase assets of the Fed.
The dynamics of today's trading statement also affected by the China Gold Association, who said that gold consumption in China has jumped to 706.36 tonnes in the first half of the year, compared to 832.18 million tons in 2012.
The cost of the October gold futures on COMEX today rose to $ 1340.40 per ounce.
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