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Gold prices rose today , reaching a three-month high at the same time as technical factors outweighed the positive growth of investor appetite for other more risky assets , following comments by the new head of the U.S. Federal Reserve over the economic outlook .
Recall that in his first public appearance since taking office Fed chief Janet Yellen said the central bank will consider more indicators than the unemployment rate in the evaluation of the U.S. labor market , while expanding the scope of the "future leadership" on monetary policy.
"At the moment , it seems that there are some technical momentum and the price of gold may approach to the level of about $ 1,300 per ounce, which just goes moving average for 200 days ," said Credit Suisse analyst Karim Sheriff . "Nevertheless , it is expected that in the near future prices will fall again , as there is no real reason for investors to hold gold . The dollar will strengthen , the yield will show a moderate increase , and assets such as stocks, should continue to grow , after a significant correction earlier in the year . " We add that the price of gold has increased by about 7 percent since the beginning of the year , based on concerns about the emerging markets and economic growth in China.
One of the reports presented today showed that the assets of the world's largest holder of gold investment institutions ETFs SPDR Gold Trust rose yesterday by 1.80 tons - to the level of 798.85 tons. We add that the fund, which lost about 500 tons in 2013, did not record any change in three weeks.
Meanwhile, analysts said that physical buying from China ( the world's leading consumer of gold) , where demand was strong due to the Lunar New Year , may be reduced after the recent price rally .
The cost of the April gold futures on the COMEX today rose to $ 1293.40 per ounce for ounce.
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