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Gold futures rose today, but , nevertheless, remain near six-month lows on the news that the Federal Reserve will begin to reduce the amount of its program to stimulate the economy in the next month , which will put pressure on the precious metal. Now gold prices could recover above $ 1,200 per ounce, which was broken during yesterday's trading .
Meanwhile, we add that the attention of the market also attracted U.S. GDP data . It is learned that the U.S. economy grew stronger pace of 4.1 % in the third quarter. Growth was stronger than previously estimated , as new data showed that consumer spending accelerated in the summer.
Department of Commerce previously reported on the annual growth rate of 3.6 % in July-September . A new estimate on Friday showed that gross domestic product , the sum of all goods and services produced in the economy grew at the fastest pace since the fourth quarter of 2011, and became the second fastest rise since the beginning in mid-2009 . Economists had forecast a revised third-quarter growth rate of 3.6%.
In addition, it was reported that the world's largest reserves of gold exchange-traded fund secured (ETF) SPDR Gold Trust on Thursday declined by 3.9 tonnes to 808.72 tonnes - its lowest level in nearly five years. Outflow for the year of the eight largest " gold " ETF world totaled 720 tons, as investors prefer stocks.
Demand in the physical market grew only slightly at lower prices because consumers expect that gold prices will drop even more.
Studies show that experts expect a reduction in demand for the metal. Manufacture of jewelery will fall significantly in the near future that will provoke the proposed reduction of gold bullion purchases by 50%.
The cost of the December gold futures on the COMEX today rose to $ 1200.40 per ounce.
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