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Gold is expensive because of the weakening of the dollar after weak macro statistics. According to published reports, home sales in the secondary market in June, contrary to expectations, fell, and up to 8-month low - amounted to 4.63 million in May a revised level of 4.62 million, experts on average were expecting a slight increase in sales.
The remaining statistics are also disappointed - the index of leading indicators in June fell by 0.3%, is stronger than expected, and the index of the Philadelphia Fed business activity in July was -12.9 points at medium level projections for -8 points.
August gold futures on the COMEX today rose to 1591.5 dollars per ounce.
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