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Gold prices fell, while leaving to the lowest levels since the end of 2011 on signs that investors are in favor of the dollar and stocks, as the global economy recovers. In addition, the head of the European Central Bank, Mario Draghi, said today that Cyprus could sell its gold reserves to cover potential losses on emergency loans, but the decision will be taken by the central bank of the country.
At the same time, the head of exchange trade funds and strategies Stifel Nicolaus & Co Dave Lutz said, the possibility of the sale of gold by Cyprus will have a heavy impact on the market, and can create a bad precedent for other central banks willing to relieve pressure from austerity measures. Recall that the Cyprus Central Bank controls 13.9 tons of the metal, according to the World Gold Council. In addition, the Board noted that the central banks have increased gold reserves to 534.6 tons last year, which is the maximum in 1964.
Meanwhile, the data showed that the largest reserves of gold in exchange-traded fund SPDR Gold Trust level reached 1,181.4 tons yesterday, which is the minimum value over the past three years.
Also pressured gold continues to provide minutes of the March meeting of the Federal Reserve, released on April 10, which showed that some members were in favor of completing the program of monthly purchases of assets of $ 85 billion this year.
May futures for gold on COMEX today has fell, and now stands at 1497.40 dollars per ounce
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