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28.08.2013 15:20

Gold: an overview of the market situation

Gold prices showed today were mixed, showing the first rise above $ 1,430 an ounce, before falling below $ 1,420, in response, so concerns about a possible military action against Syria, as well as feeling the pressure from profit-taking after a sharp yesterday's growth. The official authorities of the United States, Britain discuss the possibility of a military strike on Syria. It is against this background that the world markets there has been a move away from risk and a sharp rise in crude prices and gold.

Meanwhile, we add that gold was supported by the renewed concerns about the debt of the U.S. government. On Monday, the Finance Ministry said that reaches the upper limit of borrowing in mid-October, earlier than many expected. Budget negotiations are an important factor for all financial markets, and the next fiscal impasse could have serious consequences, which is why some investors are now seeking to compensate for the risks when buying gold

We also add that since the beginning of August the price of the precious metal rose more than 8%.

Also influenced the course of trade data released by the U.S., which showed that the number of Americans who signed contracts to buy in the secondary market, fell in July, the second consecutive month, becoming the latest sign that higher mortgage rates are beginning to put pressure on the housing recovery .

The National Association of Realtors (NAR) reported that the seasonally adjusted index of pending sales of existing homes fell 1.3% compared with the previous month to 109.5 in July. Economists had expected the index to rise by 0.2%. At the same time, compared with a year earlier in July, the index rose by 6.7%.

Yet other data showed that the amount of gold reserves in the exchange-traded fund SPDR Gold Trust yesterday reached its highest level since August 1, amounting in this case 921.03 tons.

The cost of the October gold futures on COMEX today dropped to $ 1415.50 per ounce.

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