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Gold prices have declined substantially, while leaving below $ 1,400 an ounce, which was associated with an increase in concerns about demand in the world's largest consumer of gold - India, after the government further restricted the import of precious metals. As it became known, the Reserve Bank of India has extended the restrictions on the import of gold by banks, which was introduced last month. It should be noted that gold imports will only be allowed to meet the needs of exporters of gold jewelery. This happened after the gold imports from India jumped in May to 162 tons from 142.5 tons in April. We add that the fall in metal prices also contributed to the strengthening of the dollar and uncertainty about the timing of the completion of the incentive program by the U.S. Federal Reserve.
Recall that yesterday, prices rose by almost 2%, after U.S. data showed that manufacturing activity slowed to its lowest level in nearly four years, weakening the argument as to whether the Fed will reduce the monthly bond purchases, which now total $ 85 billion worth noting that in the past month, the central bank said it may complete the program of asset purchases sooner if economic indicators show signs of further strengthening.
Experts point out that before the next meeting of the policy of the Federal Reserve System, which will be held in late June, the economic data in the U.S. will remain the focus of attention. The first is to draw attention to the report on the number of jobs in the non-agricultural sector, which will be presented this Friday.
Also today, it was reported that gold holdings in SPDR Gold Trust remained unchanged on Monday, which is fixed for the fourth consecutive day.
The cost of the August gold futures on COMEX today dropped to 1395.20 dollars an ounce.
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