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11.04.2013 15:20

Gold: an overview of the market situation

The recent rise in gold was reserved in 1561 marked the beginning of the U.S. session. At the moment, the price of gold fell again to trade at USD $ 1557.68 with a negative bias. Metal is in a bearish consolidation, but prolonged stability above 1570 will neutralize this attitude.

Gold prices rose, while recovering from a week minimum. After yesterday's release of the Fed minutes precious metals and raw materials constantly changed direction, as no one fully knows that the Fed's policy will mean in practice, but many are already aware that the suspension of QE3 will provoke a fall in prices for the yellow metal.

We also add that the dynamics of trade affected U.S. data. According to a report published by the U.S. Department of Labor, initial claims for unemployment benefits in the U.S. for the week March 31 - April 6 decreased by 42 thousand to 346 thousand (Consensus 362 thousand). The obtained data are somewhat offset the recent concerns about the labor market. Initial claims for unemployment benefits in the U.S. for the week of March 24-30, revised to 388 thousand from 385 thousand secondary applications for unemployment benefits in the U.S. for the week of March 24-30 decreased by 12 thousand to 3.079 million

Meanwhile, experts note that the decline in stocks of exchange-traded funds, lowering forecasts for gold in the current year from Goldman Sachs, and the uncertainty about the stimulus programs of the Federal Reserve also influenced the prices.

May futures on COMEX gold rose today, and now stands at 1563.60 dollars per ounce.

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