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Gold prices fell markedly today , losing about 1 percent , due to the expectations of the publication of minutes of the last meeting of the Operations Committee on the open market, which may provide some clues regarding future monetary stimulus program . Recall that in recent years, ultrasoft , monetary policy has been a key factor driving gold prices up. But this year, the price of the precious metal fell almost 25 percent on expectations that the policy can be changed.
We also note that earlier today ( 00:00 GMT) , Federal Reserve Chairman Ben Bernanke said that since the beginning of the program of bond purchases by the central bank , the labor market showed " significant improvements " and that the rate of increase in interest rates is likely will remain low for an extended period of time after the purchase .
The Fed chief said that "the last FOMC decision came as a surprise to some market participants , but it strengthened the authority of the Committee. The politician added that the decline in interest rates since September, is the result of future policy.
Bernanke made it clear that his views are similar to the opinion of the deputy chairman of the Federal Reserve Janet Yellen , which she expressed at the hearing of the Senate Banking Committee on November 14.
Meanwhile , we add that the data showed that stocks SPDR Gold Trust - the world's largest gold exchange-traded fund , fell yesterday by 1.5 million tons to 863.01 million tons, thus reaching the lowest level since February 2009 .
Also today it was announced that in September China's gold production amounted to 37.642 tons , and the total production of the metal in January- September reached 307.809 tons. This was reported in the China Gold Association. Gold production in January -September in China by 6.8 % more than last year, the association added .
China, the world leader in the manufacture and import of gold, in the 3rd quarter pushed India and has become the world's largest consumer of gold . Metal consumption in China in the period amounted to 209.6 tonnes , according to a recent report by the World Gold Council .
The cost of the December gold futures on COMEX today dropped to $ 1262.90 per ounce.