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Gold prices slightly reduced against the strengthening U.S. dollar. The dollar had data on the growth of industrial production in the United States .
The Federal Reserve said that by the end of last month, the volume of industrial production increased markedly . Last improvement - a sign of recovery sector after the winter slowdown.
According to the report , March industrial output rose a seasonally adjusted 0.7% , compared with growth of 1.2% in the previous month , which was revised upward from 0.6 %. We also add that the capacity utilization rate - the effectiveness of the sensor in various industries - rose by 0.4 percentage points - to the level of 79.2% . Economists had forecast growth of 0.5%, and reduced capacity utilization to 78.4 %.
"Statistics from the United States recently has been good , and in the absence of tension in Ukraine the price of gold , in my opinion , would be lower," - said the head of precious metals at Marex Spectron Group in London , David Govett .
On the eve of the World Gold Council (World Gold Council, WGC) published a report on the gold market in China , where it is predicted that in the next four years, the total demand for gold in this country will grow by about 25 % , at least up to 1350 tons This major growth will occur in the jewelery sector and in investment . Compared with last year, the demand for jewelry in 2017 . increase by about 17 % - up to 780 tons, and the demand for gold coins and bars - 25% to almost 500 tons WGC explain the emerging increase in demand increase in welfare of the growing middle class in China and the cultural traditions of the country. Against this background, analysts at Commerzbank expect that in the medium and long term , China will remain the largest consumer of gold , which will support the price of this precious metal.
The cost of the June gold futures on the COMEX today dropped to $ 1293.50 per ounce.
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