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Gold prices rose after two days of sales, but remain near seven-week low after reporting growth in manufacturing activity and employment in the United States .
Some analysts predict a decline in prices because of the rise in stock markets , while others believe that prices , on the contrary , will increase due to increased demand in the physical market and geopolitical tensions in the Ukraine. Analyst Ed Meir INTL FCStone believes that the rise of stock price does not necessarily cause the outflow of funds from the gold market.
" In addition, although the situation in Ukraine is not so critical , tensions remain , given the accumulation of Russian troops from the Ukrainian border," - he said. "In the medium term charts are negative, but it should be noted that the market moves to the mark when it is resold. We expect that in April, prices will fluctuate in the range of $ 1.250 -$ 1.330 ."
Support gold prices have data on the growth of employment in the United States . As shown by recent data that were presented Automatic Data Processing (ADP), in March of private sector employment increased markedly , came close to the forecasted values.
According to a report last month, the number of employees increased by 191 thousand people, compared with a revised upward figure for the previous month at 178 million ( initially reported growth of 139 thousand ) . Add that, according to the average forecast of this indicator would grow by 192 thousand
Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust on Tuesday declined by 2.1 tons to 810.98 tons. Price 99.99 fine gold on the Shanghai Gold Exchange is comparable to the spot price in London. In January, prices in Shanghai have been $ 20 higher than in London, but in March, prices reached $ 08.10 per ounce.
The cost of the June gold futures on the COMEX today rose to $ 1294.90 per ounce.
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