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07.12.2012 16:24

The price of gold rose after falling to a month low

In today's trading price of gold is back above $ 1700 per ounce, which was one month after falling to a minimum, and was caused by the release of better-than-expected data on U.S. employment. Note that this boosted the dollar and speculation over the future conduct of monetary easing. The report showed employment in the non-agricultural sector increased by 146,000 jobs last month, contrary to expectations, the sharp rebound.

Against this background, the spot price of gold fell 0.2% to $ 1,683.79, but later managed to recover, updating the maximum session.

Analysts noted that the strategic level of resistance is now $ 1715, to which gold could head to next week, but only if you complete the session above the $ 1,690 mark. "

Note that many are now awaiting the Federal Reserve meeting, which will take place next week, and which is forecast to be announced a new round of Treasury bond purchases to support a weak U.S. economy. Economists expect the U.S. central bank will announce monthly bond purchases of $ 45 billion after its meeting on December 11-12.

Note that the data released today do not eliminate the need to promote, but they can persuade the Fed to opt for less than the size of the program.

Also today, it was reported that gold imports from Hong Kong to China fell to 47.478 tons in October, registering with the lowest value for the ten months.

December futures price of gold on the COMEX is now 1703.40 an ounce.


07.12.2012 16:40

Oil prices fluctuate

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