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Gold prices fell sharply today, losing about 1%, which was due to profit-taking after yesterday the cost of precious metals exceeded the level of $ 1680 per ounce in the light of recent data on the U.S. economy.
Experts point out that although the U.S. GDP data, which showed that the economy contracted, and led to a sharp gold prices in the near future to continue the upward movement is expected.
Note also that the evidence that the Fed will continue its program to purchase bonds, leading to the fact that many investors used the precious metal as a hedge against inflation.
Meanwhile, the fall in gold prices has also been associated with the expectations of publishing data on employment in the non-agricultural sector of the U.S., which will be presented tomorrow. Recall also that a report from ADP, which was published this week, showed an increase in the number of jobs in the private sector in the U.S..
February futures price of gold on COMEX today dropped to 1662.10 dollars per ounce.
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