Gold rose above $ 1615

Gold prices rose above $ 1615 an ounce against a background of recovery of the euro against the dollar and a rise in the stock markets. We also learned that the European Central Bank will reduce interest rates on loans for Spain and Italy.

Market participants, who put on the increase in the price of gold hoping that the U.S. Federal Reserve will begin another round of quantitative easing later this year, while maintaining long-term interest rates at extremely low levels.

But the problem is that the Fed did not give clear deadlines for holding the next QE, and the ECB president Mario Draghi did not name the date of the next round of bond buying.

Also worth noting is that the demand for gold in India, which is the main consumer was sluggish before the season of active purchases, which begins this month and runs through until November. Stocks of gold ETFs have shown in the flow of bag are his work only 6.9 tons, which was the biggest one-day influx of an ounce from March 1, with the bulk flow was recorded outside the United States.

The cost of the August gold futures on the COMEX today rose to 1615.7 dollars per ounce, then dropped and is now trading at around 1611.2 dollars per ounce.