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Gold prices rose today, taking into account the signals from the currency market, which celebrated optimism associated with the debt crisis in Europe. In addition, market participants are waiting for the speech by Federal Reserve Chairman Ben Bernanke.
The most actively traded contract for February delivery rose $ 10.70 recently, or 0.6%, to $ 1,671.30 per troy ounce.
We also note that today the euro rose to a 10-month high against the U.S. dollar, as the economists from the European Central Bank said there is speculation that the worst of the debt crisis in the euro area came to an end.
Traders are also awaiting the speech of Mr. Bernanke at Michigan State University, to be held after the close of Comex. Meanwhile, gold prices have been under pressure amid speculation that the Fed may cut its incentive program to the end of 2013. At the same time, some members of the Fed in favor of slowing or stopping the current program to purchase bonds program earlier than many market watchers had expected.
Note also that the Goldman Sachs analysts said recent retreat in gold prices is a good time to buy in anticipation of the upcoming talks on increasing the U.S. debt ceiling. The Bank considers the talks as "probable catalyst for higher gold prices."
February futures price of gold on COMEX today rose to 1667.20 dollars per ounce.
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