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Gold prices rose, as many traders were confident that a strong Chinese economic data will increase demand in the second world consumer of the metal. Also today it was announced that the demand for gold coins and bars from India and China, which are the largest consumers continues to grow larger than normal.
We also note that the data that were presented today General Administration of Customs show that in the past month, the growth of China's exports exceeded economists' expectations, thus weakening the concerns about slowing economy. However, the data fueled skepticism about their accuracy after the detection of unusual trends in the trade data for the last few months. Today's data showed that the annualized amount of the April exports increased by 14.7 percent, compared with a forecast at 9.2 percent growth. Meanwhile, imports grew by 16.8 percent, exceeding the expectations of a 13 percent increase. Given these data, the trade surplus in April totaled $ 18,160 billion, higher than the expected surplus of $ 16.15 billion also add that in comparison with March, exports rose by 2.7 percent, while imports fell by 7 , 7 percent. Recall that in March, the figures for trade were relatively weaker, and the trade balance even went to the deficit.
At the same time, UBS analysts believe that, while demand for gold remains high, it has slowed down compared to the rates that occurred in late April, which was associated with an increase in prices. Analysts and traders said the rise in global equity markets, particularly in the United States and Japan also limits the investor demand for gold as a safe haven.
We also learned that the gold reserves in the SPDR Gold Trust fell yesterday by 0.4% to 1,057.79 tons, the lowest level since March 2009.
The cost of the June gold futures on COMEX today rose to 1465.00 dollars an ounce.
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