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05.04.2013 15:50

Gold: an overview of the market situation

Gold broke off a three-day decline and showed growth after weak jobs report. Gold prices were lethargic in the first half of today's trading in anticipation of the report on employment in the United States, which gave a negative assessment of the world's largest economy.

Experts said that if the United States will report strong performance, investors will start to look towards the stock markets, which will be more attractive. However, the yield of weak statistics on the labor market has led to an outflow of funds from the stock market in favor of the purchase of precious metal.

As recent data that were released today by the Department of Labor, at the end of last month the number of people employed in non-agricultural area has increased, but it was well below expectations. According to a report on the results of March employers added only 88,000 jobs, compared with a revised upward from the previous month at 268 thousand In addition, it was announced that the unemployment rate unexpectedly fell, reaching a level with 7.6% , compared to 7.7% in February. We add that, according to the average forecast of experts, employment would grow by 185 thousand and the unemployment rate to remain unchanged. Recall that according to the initial assessment, the February growth was 236 thousand

According to consulting firm GFMS, in 2014 after more than 10 years of growth in the gold market will decline due to reduced demand for jewelry, coins and bullion.

Cost June gold futures on the COMEX today rose to 1576.0 dollars per ounce.

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