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In today's trading, gold prices rose by more than 4%, which was caused by the successful adoption of the budget deal by U.S. lawmakers. The news had a positive impact on market sentiment, which immediately took to increase their investment in the precious metal, which they avoided the end of last year due to the looming uncertainty.
Note that the most actively traded gold contract today for delivery in February, which increased by $ 11.90, or 0.7%, to $ 1,687.70 per troy ounce.
Against the background of the situation, experts say that the short-term budget deal could attract U.S. gold buyers who are betting on continued fiscal imbalances and suggest the fall in the U.S. currency. Recall that gold is denominated in U.S. dollars, has an opposite trend compared to the movement of the currency. They also added that, according to their forecasts, gold will continue to rise over the next few weeks
At the same time, many analysts expect the increase in gold prices during the whole of 2013, as the world's central banks will continue to pursue a policy of "easy money" in an attempt to rekindle growth. This policy can also bring concerns about the weakness of the paper currency, raising the demand for precious metals as an alternative wealth.
However, buying physical gold has disappointed some investors, which brings to the increase in the last year, and may have further resistance, since, according to rumors it is likely that India, which is the largest consumer of gold in the world, are considering imposing a tax on the import of metal to reduce the trade deficit of the country. Two officials of the Ministry of Finance reported that the government may raise the import tax to 5% from 4% for the week, and up to 6% of the federal budget, which is usually provided at the end of February. Recall that gold is the second value of imported goods the country after oil.
February futures price of gold on the COMEX is now 1690.50 an ounce.
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