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30.09.2013 15:20

Gold retreated from week highs

Gold prices are updated weekly high and back, but at the same time can show the best quarterly performance in a year. Gold rose in price because of the threat of closure of U.S. government agencies , despite the uncertain future of the Fed's incentive program .

For the third quarter of gold has risen in price by almost 9 percent due to short covering , geopolitical problems in the Middle East and weak U.S. economic indicators .

The Republican-controlled U.S. House of Representatives on Sunday approved a bill that puts government funding dependent on annual deferral proposed by President Barack Obama's health care reform . Representatives of the Democratic Party in the Senate answered that they do not miss this bill . If the law on the financing of the government will not be accepted by midnight , government agencies will be closed for the first time in 17 years .

According to analysts , the price of gold, depreciating since the beginning of the year by 20 percent, may fall to $ 1,250 an ounce by the end of the year if the Fed will announce a reduction of incentives in October , or up to $ 1,400 , if you reduce the incentives will not. The next meeting will be held October 29-30, Fed .

Experts note that the central bank will probably again leave policy unchanged , and he probably does not want to give two very different views of policy on rates during the entire 30 days.

The cost of the October gold futures on COMEX today rose to $ 1350.90 an ounce and then fell to $ 1322.00 an ounce.

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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