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Gold prices rose moderately today , reaching in this two-week high as traders began to return to the market after prices fell to a six-month low . We add that the weakness in the stock market has also stimulated demand for the metal as a safe haven . Who sent the precious metal to its largest weekly increase since October , after fixing its biggest annual decline in 32 years.
Analysts warn, however , that the upward momentum in the first days of the new year may last only a few weeks, after which prices continue to decline, and will close in 2014 another drop . Recall that during quantitative easing by the U.S. central bank have been favorable for gold , keeping interest rates and stoking inflation fears . But with the improvement of the U.S. labor market and other positive signs in the economy , the Fed decided to fold stimulation, which negatively affected the attractiveness of gold.
Meanwhile , we add that the rise in prices helps active demand for the precious metal in China
" Trading volume is slowly recovering as traders return from the holidays, and talks about the major Chinese purchases of gold coming from Hong Kong, improved mood , helping rally in Asian session " , - said Joyce Liu of Phillip Futures. She believes that gold prices will meet resistance at 1244 dollars per ounce , which can be tested for strength later on Friday . However, in the medium term, analysts remain negative expectations regarding gold prices.
The course of trade also affected the data for China , which showed that the index measuring the non-productive business activity amounted to a seasonally adjusted 54.6 in December.
The main indicator remains above the neutral mark of 50 that separates expansion from contraction, although the value has declined sharply in December from 56.0 in November.
Cost February gold futures on the COMEX today rose to $ 1235.70 per ounce.
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