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Gold prices rose today as the dollar and stock markets fell , although strong economic data from the United States to limit the increase . Recall that the data released on Friday showed that the number of new buildings in the U.S. rose in April , while the number of building permits issued reached nearly six-year maximum.
"There are contradictory factors that keep the price of gold in the current narrow trading range : we have a weak dollar and political tensions in the background of the conflict in Ukraine ," said Commerzbank analyst Carsten Fritsch . "Meanwhile , low investment demand , data and weak physical demand pressured ."
Gold , which is considered low-risk assets , increased in price by 7.5 per cent since the beginning of the year due to the deterioration of Russian -EU relations over Ukraine .
Meanwhile, add that expectations of lower rates by the European Central Bank in the near future to support the eurozone economy have an ambiguous effect on gold.
Stocks of the world's largest gold exchange-traded fund secured SPDR Gold Trust on Friday fell by 0.26 tons to 781.99 tons , indicating the decline in investment demand .
Hedge funds and money managers cut their bullish bets on gold futures and options , according to the data Commodity Futures Trading Commission for Friday.
The cost of the June gold futures on the COMEX today rose to a high of $ 1298.50 .
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