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Gold prices fell sharply , while retreating from a four-month high reached yesterday as the dollar strengthened . Nevertheless , the price of gold continues to be supported by China's economic policy uncertainty and concern about the U.S. economic recovery in the short term .
On the dynamics of trading also affected U.S. data , which showed that sales of newly built homes rose in January, which was an unexpected sign of strength after a long period of weakness in the housing sector . Sales of new single-family homes rose 9.6% to a seasonally adjusted annual rate of 468,000 compared with the previous month , reaching the highest level since July 2008. Result December was revised up to 427,000 . Economists had expected home sales in January to fall to an annual rate of 406,000 .
Increase last month was due to sales growth in the Northeast , where they rose by 73.7 % to compensate for the decline of the previous month . The South and West was also recorded growth , but new home sales fell in the Midwest. January data came after several months of recession, which many economists associated with cold weather. Snow storms and lower temperatures lead to the closure of construction sites and prevent viewed buyers.
Meanwhile, adding that market participants remained cautious ahead of the release semi-annual report on monetary policy Fed chairman Janet Yellen . It is expected that it will be able to clarify the situation with the recent surge of weak U.S. economic data and their impact on future policy .
The presented data also showed that the world's largest reserves of gold exchange-traded fund secured ETF SPDR Gold Trust on Tuesday rose 0.26 per cent - to the level of 803.70 tons.
Add that net exports of gold from Hong Kong to China fell 5.4 percent to 89.745 tons in January from 94.847 tons in December , reflecting the decline in demand from the record level of 2013.
The cost of the April gold futures on the COMEX today rose to $ 1324.10 per ounce.
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