Gold Spot Price: Jumping on Plunge in US Home Sales

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on Aug 23, 2013
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iNVEZZ.com Friday, August 23: Spot gold today jumped to over $1,390 an ounce after a report showed that sales of new single-family homes in America have plunged more than forecast and the US dollar declined against a basket of currencies. The precious metal has been trading at around $1,370-75 for the most of the day, but the negative US data propelled the gold price to 1,395.60 per ounce, up about 1.5 percent, as of 15:40 BST.

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The decline in US new home sales by more than 13 percent in July and the weakened dollar provided a boost to the gold price, easing concerns that the Federal Reserve might start tapering stimulus soon. The Fed’s ultra-loose monetary policy has been one of the biggest drivers for bullion in recent years, and expectations that the US central bank might start scaling down the stimulus on signs of improving US economy has resulted in a drop of nearly 20 percent in the gold price this year.

Traders have been waiting for clear clues about the timing of possible tapering, with most analysts expecting that the cuts will start in September. The Fed has released minutes of its July 30-31 meeting which have shown that some Fed officials thought last month that it would soon be time to scale back the programme “somewhat”, while others advised patience.

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Gold Price Watch: Gold Price Rises on US Jobs Data Metals Price Watch: Gold Slips on QE Concerns

FOLLOW our top traders or BET against them.
http://nvz.bz/15xFoBM

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