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Gold prices fell sharply today, losing about 1%, which was due to profit-taking after yesterday the cost of precious metals exceeded the level of $ 1680 per ounce in the light of recent data on the U.S. economy.

Experts point out that although the U.S. GDP data, which showed that the economy contracted, and led to a sharp gold prices in the near future to continue the upward movement is expected.

Note also that the evidence that the Fed will continue its program to purchase bonds, leading to the fact that many investors used the precious metal as a hedge against inflation.

Meanwhile, the fall in gold prices has also been associated with the expectations of publishing data on employment in the non-agricultural sector of the U.S., which will be presented tomorrow. Recall also that a report from ADP, which was published this week, showed an increase in the number of jobs in the private sector in the U.S..

February futures price of gold on COMEX today dropped to 1662.10 dollars per ounce.

Gold prices fell sharply , losing the all previously earned a position that has been associated with strong economic growth in the U.S., concerns about the completion of the Federal Reserve's monetary stimulus and lower demand from China. However, adding that by the end of the month gold could still show growth . Since the end of December the precious metal rose by 3.8 percent.

We add that the report presented today by the U.S. showed that Americans have purchased goods and services in December consistently high pace , which was the latest evidence that consumer spending to support the economy . While Christmas sales season ended , personal expenses in December rose to a seasonally adjusted 0.4 % compared with a month earlier , said the Ministry of Commerce on Friday . Economists had forecast an increase of 0.2%. Spending growth in November was revised up to 0.6%. These gains were the strongest consecutive monthly increase since 2012 . For the entire 2013 broadest measure spending on everything from haircuts to refrigerators, rose by 3.1% compared with the previous year . It was the weakest annual growth since 2009 and lower than the growth of 4.1 % over 2012 . But the pace of spending rebounded strongly in the last six months of last year . However , the report pointed to the risks to consumers' ability to promote economic recovery this year.

" There is a serious cash flow from the stock market to gold , and we think that it may continue for the next few weeks ," said Naeem Aslam , chief market analyst AvaTrade.

In addition, experts say that in the near future the market situation is not favorable for gold due to lack of demand in China in the coming weeks during the Christmas holidays . In the absence of new concerns for emerging markets prices can return to recent lows and may fall below $ 1,230 an ounce.

I also add that while China celebrates the New Year by the lunar calendar , gold prices could approach $ 1,200. Margins in China on the eve of holidays fell to $ 4 per ounce to the spot price in London with more than $ 20 in early January. Analysts do not expect this year the same high demand for gold in China , as last year , when the country imported a record 1,158 tons.

March futures price for gold on COMEX today dropped to $ 1241.90 per ounce.

Change % Change Last

Oil 98.09 +0.15 +0.15%

Gold 1,675.50 -4.40 -0.26%