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Gold prices have stabilized, departing from the nine-week low, as investors are awaiting the outcome of the U.S. presidential election.
Also the focus of the market was the news from Greece. It is learned that in Greece began a 48-hour strike against a new round of cuts in public spending, which was the third in the last two months.
Note that the outcome of the elections in the U.S. depends on the future policy of the country. Some analysts said the Obama victory may raise the price of gold, so he left as head of the Federal Reserve Ben Bernanke, who was in favor of incentives, while Romney victory would be positive for the stock, as the ego policy will be based on business development and tax cuts.
At the same time, creation of money by the central bank increases the attractiveness of gold, as it keeps interest rates low, and reduces the opportunity cost of ownership for the metal.
Today's data also showed that the importers of gold in India remained on the sidelines, awaiting the outcome of the U.S. elections. Note that the import of gold in India may fall to 550 tonnes in the next year, compared with 967 tons in 2011, as high inflation and prices have a negative impact on the level of disposable income of consumers.
Gold is expected to remain above the support area $ 1675 - $ 1678 per ounce for one more trading session, as there is no sign of a break below this zone.
December futures price of gold on COMEX today rose to 1693.00 dollars per ounce.
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