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Gold prices traded within yesterday's range against the downturn in the stock markets in Asia and the fall of the dollar to a 10-week low against the yen.
Markets will be watching the Fed's meeting on June 18-19, hoping to get hints on plans to reduce the program of buying bonds. Most economists assume that the reduction will occur at the end of the year, and some believe that it could happen in September.
Gold became cheaper in trading in Asia this week due to lack of demand in China, the consumption of gold occupies the second place in the world after India. Demand in India is also reduced, as the government in an attempt to reduce the trade deficit increased by one-third the import duty on gold. As a result of this measure, the import of precious metals in the second half of May fell to $ 36 million from $ 135 million in the first half of the month, said Thursday the Finance Minister of India.
The cost of the August gold futures on COMEX today kept within the range of 1376.0 - 1394.4 per ounce.
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