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The cost of gold futures fell slightly , which was due to pressure from the U.S. dollar, as well as investor speculation that the Federal Reserve may soon resort to a decline in asset-purchase program against the publication of better-than -expected GDP data .
It is learned that the U.S. economy grew higher than previously expected, as in the second quarter, exports and business investment were revised higher, showing that the strong growth trajectory will continue in the second half of the year. According to the report , the gross domestic product grew in the second quarter by 2.5 % year on year. The initial assessment , which reported last month , was 1.7%. Economists had expected the revision of GDP growth in the second quarter to 2.3 %.
GDP report , which was released today , paints a picture of the economic recovery is gaining momentum , although growth remains weak by historical standards . These figures for GDP growth - the last before the Fed meeting on September 17-18, and the Fed decision to reduce the bond purchase program (or a failure to take such a decision .) Earlier, officials of the Federal Reserve reported that the redemption of bonds may be reduced if the economy will continue to grow .
Meanwhile , we note that the dynamics of trading continues to influence the tense situation in Syria. In recent days Washington further tightened rhetoric against Damascus , accusing it of using chemical weapons. The Pentagon said it was ready to strike at Syria as soon as is ordered by President Barack Obama. U.S. Vice President Joe Biden said Tuesday that the U.S. administration is engaged in intensive consultations with our allies .
In addition, experts say that there are signs that the recent rise in gold prices was related to the limited demand for gold bars and jewelry from major customers in Asia.
The cost of the October gold futures on COMEX today dropped to $ 1405.40 per ounce.
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