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Gold prices rose slightly today, thereby exceeded the level of $ 1,210 per ounce, which was associated with a fall in the stock market and the weakening of the American currency.
"From a technical point of view, if the gold this week to stay above $ 1,180, it could be back in the area of $ 1.240-1.250. However, in the medium term will remain a tendency to decrease, "- said a trader at MKS Group James Gardiner.
Support prices also provides a revision of the IMF forecast for the economy for 2014 and 2015, as well as the expectations of the return on the market of Chinese players after the holiday week. Today, the IMF published a semi-annual forecasts for global economic growth, according to which growth will remain weak and uneven, subject to various risks. The IMF revised its forecast for 2014 from 3.4% to 3.3%, and for 2015 - up 3.8% from 4%. His decision to IMF experts explained concerns about the various assessments of the economy in some countries. United States and Britain have been named as the country with decent growth prospects, which is not the euro-zone countries - GDP forecast here has been reduced to 1.3% from 1.5%.
Meanwhile, we add that the participants are cautious on the eve of the publication of minutes of the September Fed meeting, scheduled for tomorrow, after the optimistic findings underscored last week, the view that the strengthening of the economic recovery may prompt the Federal Reserve to raise interest rates earlier than expected by the market. Recall, expectations of rising interest rates put pressure on gold as the precious metal is inferior in competition with earning assets with growth rates.
Investors are also waiting for tonight's speech by President Federal Reserve Bank of Minneapolis President Narayana Kocherlakoty and the New York Fed, William Dudley, who are voting members of the Monetary Policy Committee of the Fed.
The cost of the December gold futures on the COMEX today rose to 1210.60 dollars per ounce.
Foreign exchange market. American session: the U.S. dollar traded mixed against the most major currencies after the International Monetary Fund (IMF) lowered its forecast for global growth for 2014 and 2015
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