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The value of gold is kept in a range after three consecutive sessions of decline, as weak U.S. GDP returned to investors hope for continuation of the Fed's incentive program.
U.S. GDP in the first quarter rose, according to the final estimate of 1.8 percent compared to the same period of 2012, with growth forecast at 2.4 percent, reported Wednesday the Commerce Department. Markets expect that these data will influence the Fed's decision to reduce the volume of buying up bonds this year.
From the beginning, gold fell by more than 26 percent, and the second quarter could be the worst for the market since 1968, due to growth in stock price and the value of the dollar. ABN Amro Bank after other banks lowered the forecast of the price of gold at the end of 2013 to $ 1,100 an ounce from $ 1,300, and the forecast for the end of 2014 - up to $ 900 to $ 1,000.
Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust fell on Tuesday to its lowest level in more than four years.
The demand in the physical markets in China and Asia, though improved from the fall in prices, but not as much as in April, when prices showed the sharpest drop in 30 years. Growth in demand in India to restrain the import duty, while in China - the fear of the credit crisis.
The cost of the August gold futures on COMEX today is trading in the range of 1223.40 - 1244.20 per ounce.
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