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Gold price rose on a weaker U.S. dollar. The U.S. dollar dropped today after the weaker-than-expected U.S. trade deficit. The U.S. trade deficit widened to $51.37 billion in March from a deficit of $35.9 billion in February. It was the largest deficit since October 2008.
February's figure was revised down from a deficit of $35.44 billion.
Analysts had expected a trade deficit of $40.3 billion.
The rise of a deficit was driven by higher imports. Imports soared by 7.7% in March, while exports increased by 0.9%.
Imports of consumer goods, capital goods, and automotive vehicles, parts, and engines increased in March.
Investors are also awaiting the release of the labour market data on Friday.
June futures for gold on the COMEX today increased to 1196.30 dollars per ounce.
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