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26.08.2013 15:20

Gold: an overview of the market situation

The value of gold has not changed, remaining near its 11-week high just below $ 1,400, because of the uncertainty about the prospects for monetary policy in the United States.

Note that Friday's weak U.S. data, and news about the biggest influx of gold in the world's largest exchange-traded fund contributed to a sharp rise in prices to $ 1,406.01, the highest level since June 7. However, market participants were not able to keep the price of gold in and around these levels, against which they had fallen below $ 1,400.

Meanwhile, it was reported that hedge funds and other speculators expect a rise in gold prices, as there are signs of an economic slowdown in the United States. As of August 20, the number of net long positions increased by 29 percent to 73,216 futures and options - data showed US Commodity Futures Trading Commission. Short contracts reduced the second week in a row, reaching the lowest level since Feb. 12. Net bullish stance on U.S. 18 traded goods grew by 34 percent, the maximum increase since July 2010.

Gold rose 18 percent compared with a 34-month low in June. Asian jewelry demand rose as prices fell. Sales of new U.S. homes fell more than 13 percent in July, while consumer confidence fell for the week ending August 18, amid growing speculation over whether the Fed will reduce the incentive program, which is weakening the dollar.

We note that the stocks in the SPDR Gold Trust rose by 6.61 tonnes to 920.13 tonnes on Friday, showing the most significant one-day inflow since October 8.

The cost of the October gold futures on COMEX today rose to $ 1396.40 per ounce.

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