Gold has fallen in price, while returning to a session low, due to the renewed strengthening of the US dollar. It is worth emphasizing the price of the precious metal has been declining for the 10th consecutive session, which is the longest running series in more than 40 years.
"Gold is supported at the level of $ 1,150, although in the short and medium term, there is a tendency to decrease," - said a trader at MKS Group James Gardiner. Meanwhile, an analyst at Phillip Futures Howie Lee said that prices could still rise, but met resistance near $ 1,166, said
Little support have expectations of the Fed meeting. Experts point out that the results of the Fed's FOMC meeting, which will take place next week, will be the determining factor for gold prices. Most likely, the Fed will remove only the wording, indicating a cautious approach in determining the timing of interest rate increases
"To achieve the new targets for improving the economic situation in the United States may take more than a year. In short, the Fed can only change the wording of the statement, "- said Nur al-Hammour of ADS Securities.
The course of trade also affected the US data. The Labor Department said that the producer price index fell to a seasonally adjusted 0.5% last month from January. Excluding volatile food prices and energy index fell 0.5%. Economists had expected prices to rise by 0.2%, while the so-called core prices fell by 0.1%. Most of the reduction in overall prices was associated with a fall of 1.5% in volatile trade services category, which measures changes in the margin, resulting in the wholesale and retail trade. Excluding food, energy, and trade in services, the index remained unchanged in February from January.
Meanwhile, it became known that the stocks of the world's largest gold ETF-secured fund SPDR Gold Trust on Thursday declined by 0.28 percent to its lowest level since late January 750.95 tons.
April futures price of gold on the COMEX today fell to 1152.70 dollars per ounce.