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Gold cheaper pressure of the strong dollar against the depreciation of the euro and the pound. The European currency fell after weak data on manufacturing activity in the region.
Activity in the eurozone manufacturing sector declined in March, the fastest pace in three months as new orders. According to the presented data on Tuesday, purchasing managers' index (PMI) for the manufacturing eurozone in March fell to 46.8, its lowest level since December, compared with 47, 9 in February. Index values below 50 indicate a decrease in activity. The preliminary purchasing managers' index (PMI) for the manufacturing eurozone in March, presented by Markit, was equal to 46.6.
Published data are further evidence of reduction of euro area GDP in the first three months of 2013, which means continued economic recession, for 15 months. In this light, hope the leaders of the euro area at the beginning of economic recovery in the near future looks uncertain.
At the same time, the purchasing managers' index (PMI) for the manufacturing of Great Britain in March rose to 48.3 against 47.9 in December. In Markit also reported that the average index for the manufacturing PMI in the UK 1st quarter was equal to 49.0 compared to 49.2 in the 4th quarter of 2012. More negative than expected, the data make it more likely that the Bank of England on Thursday in a meeting to decide to increase the bond-purchase program, known as quantitative easing.
Support the dollar was promzakazy growth data in the U.S.. According to the report, the volume of industrial orders in the U.S. rose in February by 3.0% to U.S. $ 491.98 billion, offsetting a decline of 1% in January. The data for January were revised. U.S. manufacturing sector in February, continued its growth faltering, as the volatility of different defense industry and aerospace industry, to ensure the overall growth, despite slow or weak improvement in other categories. Decline in orders for chemical products, machinery and equipment, and computers were more than offset by the increase in demand for commercial aircraft and parts twice, and jump defense contracts by 72.6%.
Cost June gold futures on the COMEX today dropped to 1579.6 dollars per ounce.
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