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20.08.2012 15:32

Gold prices have risen sharply since the minimum values

Today, gold prices resumed their decline, which began last week, amid unusually weak demand from China and India, which are the two largest consumers of gold.

Also to reduce the cost impact comments Bundesbank of Germany, who was critical by referring to a proposal that the European Central Bank should buy government bonds to quell the debt crisis in the region. Also today, there were rumors that the ECB's Governing Council is considering installing a limited return on bonds Euroregion, which were later disproved.

According to the World Gold Council show that Chinese demand fell by 7.1% compared to last year, and by 10% in the first quarter of this year. Demand in India, meanwhile, fell by 13.2% in the first quarter, showing a decline of 38% compared to last year.

However, the research team expects that Chinese demand will soon recover thanks largely to renewed escalation of the eurozone crisis, which will act as a safe haven for the gold. The report predicts that gold prices will increase from the current $ 1,620 per ounce to $ 2,000 by year end.

However, despite the decline throughout the day, gold prices have risen sharply in the last hour of trading and updated maximum session.

September futures price of gold on the COMEX is now 1618.6 dollars per ounce.

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