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Gold prices rose today , the highest in four months , after disappointing consumer confidence data in the U.S., have increased concern about the pace of the U.S. economic recovery .
Report of the Federal Reserve Bank of Richmond showed that in February the production conditions in the region have deteriorated compared to the previous month . Corresponding index of manufacturing activity fell to 6 points in February compared to 12 in January. Economists had expected the index to rise to 13 points.
Key components of the index in February showed a mixed trend.
Meanwhile, the Conference Board reported that consumer sentiment index fell to 78.1 from 79.4 in January ( revised from 80.7 ) . Economists had expected a decline to 80.2 .
" Meaning potrebdoveriya index below 80 is considered quite negative for the economic prospects that are likely to help and soon overcome resistance at $ 1,337 an ounce ," said Mitsubishi analyst Jonathan Butler. " If the growth continues, the next goal would be the level of $ 1360 ."
Wave of "soft" economic data on the U.S. and China since the beginning of the year attracted investors to gold , the price of which increased by more than 10 percent so far , after falling 28 percent in 2013.
Market participants are also expected speech by Fed Yellen . Recall that on Thursday Yellen completed its first report on monetary policy to Congress . The first part of the report was announced on February 11 before the Committee on Financial Services of the House of Representatives. Yellen speech before the Senate Banking Committee was postponed from February 13 to 27 in connection with snowfall . The report is already known , interest Fed chapter answers the questions senators who most likely will relate strength estimates of U.S. economic recovery , the reasons for the sluggish improvement of the employment situation and the impact of the reduction of quantitative easing (QE) for the American and global economy.
Also presented today data showed that stocks of the world's largest exchange-traded fund backed by gold ETF SPDR Gold Trust on Monday rose by 0.41 per cent - to the level of 801.61 tons.
The cost of the April gold futures on the COMEX today rose to $ 1341.80 per ounce.
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