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Gold prices rise on weaker dollar on the eve speech by Fed Chairman Ben Bernanke, from which the market is waiting for a hint of possible decline in bond purchases.
The spot price fell by nearly 10 percent since then, as Bernanke said in June that the U.S. economy is strong enough that the Fed could reduce the amount of bond purchases from the current $ 85 billion a month.
In addition to Bernanke's speech, investors await the publication of the minutes of the June meeting of the Fed, scheduled for 18:00 GMT.
Released on Wednesday weak Chinese trade data reinforced the fear of investors to the slowdown in the Chinese economy, which occupies the second place in the world for the consumption of gold. Export and import of China unexpectedly fell in June, according to customs data.
Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust are close to a minimum of four years, as investors prefer higher yielding stocks.
The cost of the August gold futures on COMEX today rose to a high of $ 1260.80 an ounce.
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