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27.11.2012 16:20

Gold fell

 

Gold cheaper against the strengthening dollar after U.S. consumer confidence reached a four-year high

In November, the U.S. consumer confidence (confidence index Conference Board) reached 73.7 - the highest since February 2008 - vs. 73.0 and 72.2 the previous month. This is a sign of potential growth expenditures.

As shown by the report, the percentage of Americans who plan to buy a home, rose to a record high, suggesting that the recovery of the housing market and the labor market allow households decided on long-term costs. Sustained recovery in consumer spending, which account for a significant share of the U.S. economy, could help to overcome concerns about the impending "financial failure."

House price index fell from +0.7% to +0.2% vs. +0.4%. Richmond Fed index jumped from -7 to 9 against expectations of -2. Housing prices S & P / Case-Shiller rose to 3.0% vs. 2.9% expected and revised from 2.0% to 0.8% of the previous value.

Earlier, gold prices rose by almost $ 3 thanks to an agreement on international creditors Greece reduce its debt.

Euro zone finance ministers and the International Monetary Fund as a result of 12-hour talks on Monday agreed to reduce Greece's debt by 40 billion euros, which will allow them to allocate new loans to Athens. With this news the euro rose to a month high against the dollar.

The market continues to monitor the talks in the U.S., designed to help the country avoid a financial crisis at the beginning of next year. Republicans in Congress on Monday, President Barack Obama offered a detailed description of the proposed spending cuts and confirmed the rejection of higher taxes on the rich, the Democrats proposed.

Activity in the physical market of Asia decreased after small scrap sales on Monday, according to dealers.

December futures price of gold on COMEX today fell to 1742.50 dollars per ounce.



 

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