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29.07.2013 15:21

Gold: an overview of the market situation

Gold prices fell slightly, which was due to profit-taking by investors after three weeks of growth. Note also that on account of market participants addressed a meeting of the Federal Reserve System, which will take place at the end of the week, and is expected to confirm the position of the conservation interest rates close to zero.

Gold prices fell 0.2 percent, after briefly turning positive earlier. Recall that last week, gold was back above the $ 1,300 that was the first time in a month. For the past three weeks worth of precious metals increased by 9%.

Experts note that many traders prefer to stay on the sidelines ahead of the Fed meeting. In general, the participants will continue to take profits rather than trying to open a "long position" until it subsides uncertainty around the timing of the program QE.

It should also be added that influenced the trading session could have the European Central Bank and the Bank of England, which is scheduled for this week and is expected to confirm previous recommendations.

We add that this year, the price of the precious metal lost a fifth of its value against the background of signs of recovery in the U.S. economy, which caused rumors about the end of the program to purchase assets. But Ben Bernanke's comments, which were announced this month, assured investors that the central bank will reduce monetary stimulus slow pace, and had a push gold prices. Investors, however, want to hear more specific comments on the exact timing of any changes in the program, and with great attention evaluate each piece of economic data to calculate when the Fed will act.

The cost of the August gold futures on COMEX today dropped to $ 1329.60 per ounce.

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