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Gold is back to soar and recorded a new all-time high
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[QUOTE="FXOchartist, post: 346868, member: 90221"] The price of gold appeared to have fallen and formed a bearish candlestick in yesterday's trading. The price has fallen from a high of 2336 to a low of 2285 forming a harami candle. According to analysts, gold prices fell due to improving risk sentiment and higher-than-expected increases in US labor costs. This sentiment is also supported by strong European GDP data. Gold prices weakened lower than the $2300 level in Tuesday's trading in the US session. Positive sentiment reduces demand for safe-haven gold and data on rising US labor costs have negative implications for inflation and interest rates by the Fed. The US Labor Cost Index showed an increase of 1.2% in the first quarter, above forecast expectations of a rise of 1.0% and 0.9% in the previous quarter. Rising labor costs are synonymous with rising wages which can lead to rising inflation, and this could encourage the Fed to keep interest rates high for longer. [ATTACH type="full"]60837[/ATTACH] [/QUOTE]
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Gold is back to soar and recorded a new all-time high
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