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The price of gold is rising in price after consolidation in the previous session amid evidence the U.S. wholesale inventories.
The volume of wholesale inventories in the United States has grown significantly in April, exceeding forecasts of experts in this and increase the likelihood of accelerating economic growth in the second quarter.
Ministry of Commerce announced that wholesale inventories rose 1.1 percent after the same growth in March. Many economists had expected an increase of this index by 0.6 percent.
It is worth noting that inventories are a key component of gross domestic product changes. Component that goes into the calculation of GDP - wholesale inventories excluding automobiles - increased by 1.1 percent.
Sharp slowdown in growth stocks in enterprises put pressure on economic growth in the first quarter. Recall that the economy contracted by 1.0 per cent per annum in the period from January to March (stocks reduced GDP by 1.6 percentage points). Growth in this quarter is forecast to accelerate to 3.0 percent, but strong gains in wholesale inventories in April could push some economists to raise their estimates of GDP.
Also, the data showed sales at wholesalers rose 1.3 percent in April after rising 1.6 percent the previous month. With recent changes in the ratio of inventories to sales was 1.18 months in April, unchanged compared with March.
The cost of the August gold futures on the COMEX today rose to $ 1263.8 per ounce.
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