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- Gold is cheaper on a background of weak statistics from the eurozone and the U.S.
Gold is cheaper on a background of weak statistics from the eurozone and the U.S.
The price of gold is reduced to the background of unfavorable macroeconomic data. Disappointing investors brought the report of the Institute for Supply Management index of business activity in U.S. industry (ISM index) in June 2012 decreased to 49.7 index points compared with the value for May 2012 to 53.5 points. An index value below 50 points indicates a decline in industrial production. The organization noted that the index fell below this level the first time since July 2009 Meanwhile, analysts predicted that the index will be 52.0 points.
Earlier, the markets reacted negatively to the weak data on unemployment in the 17 eurozone countries. Unemployment in the euro area in May of this year jumped to a record level in the history of collecting data in 1995 - 11.1%, which increases the likelihood of reducing the base interest rate by European Central Bank (ECB) this week.
The next meeting of the ECB will be held on July 5 and, according to analysts, the European Central Bank will reduce the rate by 0.25 percentage points - to a record low of 0.75% per annum.
August gold futures on the COMEX today fell to 1587.4 dollars per ounce.
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