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30.12.2014 16:20

Gold: a review of the market situation

Gold prices rose significantly today, breaking the level of $ 1,200 per ounce, which was associated with the weakening of the US dollar and the decline in the stock market. Experts note that trading volumes are expected to remain lowered this week in connection with the celebration of the New Year.

The dollar index, which tracks the performance of the greenback against a basket of six major currencies, traded unchanged at 90.55, near a nine-year high 90.66.

The demand for shelter strengthened after Greek Prime Minister Antonis Samaras said that he would recommend that the parliamentary elections were held on January 25, almost 18 months before the expiry of the coalition. The announcement came after Samaras suffered a third failed attempt to convince lawmakers to support his candidacy for the presidency, which must now lead to the dissolution of the legislature.

Traders said the rise in gold prices also helps strengthen the tensions between Russia and the West. Russia's Foreign Ministry said on Tuesday that the expansion of US sanctions against Moscow this week may prevent bilateral cooperation on a range of issues.

Support prices have had some physical buying in China. Prize in Shanghai stored at about $ 4 per ounce.

Since the early years, the price of gold fell by about 1 percent, hurt by a strong dollar and expectations of rising interest rates the Fed. Recall that in 2013 the price of the precious metal fell by 28%, as investor demand waned with the improvement of the US economy and the growth of stock indices.

The cost of the February gold futures on the COMEX today rose by $ 25.0 to 1206.70 dollars per ounce.

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