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Gold prices rose slightly today, but stayed near four-year low, as the dollar's rebound from multi-year highs against the currency basket eased downward pressure on the metal.
The course of trading also contributed news from the European Commission. According to the European Commission's autumn economic forecast, next year, the region's economy will continue to grow at a slower pace environment of low inflation and high unemployment. According to the forecasts of the European Commission, GDP will grow this year by 0.8% (compared to the previous estimate of 1.2%), 1.1% in the next (against 1.7%), and 1.7% in 2016. Inflation will be 0.5% (compared to the previous estimate of 0.8) in 2014 year, 0.8% (vs. 1.2%) in 2015 and to 1.5% in 2016. The unemployment rate for this time only to fall to 10.8%. Sluggish recovery is mostly due to the weak state of the economy in France and Italy, as well as the stagnation in Germany. Geopolitical concerns and nervousness in the markets represent a great threat to the forecast of the eurozone.
Support prices were weak US data. As it became known, new orders for US factory goods fell for a second consecutive month in September, reflecting a temporary setback for the manufacturing sector. The Commerce Department reported that orders fell 0.6 percent. Orders in August were revised slightly to 10.0 per cent fall instead announced earlier decline of 10.1 percent. Economists had expected orders to fall by 0.4 percent. In September, orders, excluding the volatile transportation category were unchanged for the second month in a row.
Meanwhile, adding that analysts record decline in demand from China, the world's largest buyer of gold. On the one hand, on the sale of gold and luxury goods in China have adversely affected the new anti-corruption laws, the other - on a background of falling prices, investors are waiting for the metal cheaper still.
Also today it was announced that the world's largest reserves of the Fund ETF SPDR Gold Trust on Monday increased by only 0.01 tons, registering with the first increase since October 16. It is worth emphasizing that stocks are still close to a six-year low of 741 tons, which was reached last week.
The cost of December gold futures on the COMEX today rose to 1170.90 dollars per ounce.
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