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Gold prices rose slightly today in response to the weakening of the dollar , but remained on the way to the largest weekly drop in more than two months , that are as strong economic data in the U.S. raised uncertainty regarding the timing retardation incentives. It should be noted that this week the price of gold has fallen by 3.4 percent.
"Can the consolidation of prices in one form or another , since the conflicting sentiments ," - said the chief analyst at Wing Fung Financial Group To. He added that gold sales were down compared with the first half due to the assertions of Fed officials to continue the incentives.
However, good macroeconomic performance may force the U.S. central bank to start reducing stimulus sooner than the market expects . Recall that the number of claims for unemployment benefits fell last week , while manufacturing growth accelerated in November.
Janet Yellen - the likely next chairman of the Federal Reserve System - said last week that it will continue to adhere to the ultra- loose monetary policy until you see signs of a marked improvement in the economic environment .
Meanwhile, today it was announced that the stocks SPDR Gold Trust - the largest gold exchange-traded fund in the world, fell yesterday by 3.6 million tons - up to 856.71 tons , the lowest level since early 2009 . This year, the outflow amounted to 450 tons.
Physical demand increased slightly due to the fall in prices, but many buyers are still out of the market in the hope of further decline , dealers said .
Data from the International Monetary Fund revealed today that in October, Germany has reduced stocks of bullion for the second time in the last five months. The Bundesbank said it sold 3,421 metric tons of gold to the federal coinage .
The cost of the December gold futures on COMEX today rose to $ 1244.90 per ounce.
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