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Gold Attempts to Recover After US Data Pushed Metal Down

March 26, 2014 at 23:47 by Vladimir Vyun

Gold recovered a bit on the current trading session after falling to the lowest level in more than a month on the previous session. The drop followed better-than-expected macroeconomic data from the United States. Durable goods orders rose 2.2 percent in February, two times the expected rate of growth. The positive domestic fundamentals ensure that the Federal Reserve has reasons to reduce its stimulus program further.

The precious metal has rallied to the highest level this year at the middle of March on concerns about a conflict between Russia and Ukraine. The metal gave away a solid part of its gains after Crimea seceded from Ukraine and joined Russia without any major trouble. Gold may yet resume its rally as there are rumors that the Eastern European countries are amassing their military forces at the borders.

June futures for gold advanced $2.4 (0.18 percent) to $1,305.8 per troy ounce as of 23:35 GMT on COMEX today after falling to $1,300.8, the lowest price since February 14.

If you have any questions and comments on the commodities today, use the form below to reply.

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