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Gold prices have increased significantly since the news that the U.S. economy declined in the fourth quarter, led to an increase in purchases of precious metals as a safe-haven. Meanwhile, the rise in prices is also expected today to bolster the accompanying statement of the Federal Reserve, which will help to assess the prospects for future policy.
Note that according to the first preliminary data, the U.S. gross domestic product for the fourth quarter decreased by 0.1% per year, compared with a gain of 3.1% in the third quarter. This fall was a big surprise to many economists, because according to their projected growth would be 1%.
Analysts say that after GDP data, many investors rushed to buy gold and silver. Also, they added that buyers of precious metals is eagerly waiting for a chance to buy back after a rollback yesterday, but today's reaction showed that investors still see gold and silver, primarily as a safe-haven assets.
Meanwhile, today was also a report ADP, which showed that the number of jobs in the private sector grew by 192,000 people, compared with expectations at 173,000.
February futures price of gold on COMEX today rose to 1680.20 dollars per ounce.
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