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12.09.2013 15:21

Gold: an overview of the market situation

Gold prices have declined substantially , losing nearly 3 percent , ahead of the Fed meeting next week at which the central bank could shed light on the future of its program of quantitative easing. According to experts , the Fed on the results of its two-day meeting to announce a reduction of its asset-purchase program , the volume of which now stands at $ 85 billion per month, which , in turn , lead to a new Volga sales of precious metals .

Note that the price of gold fell today to the lowest level since Aug. 15 , namely, to $ 1,327.40 an ounce. Against this background, the precious metal may show the biggest weekly decline since June.

Traders said selling pressure increased dramatically , after the metal broke through the 100- day moving average at $ 1,355 an ounce, as well as other key support levels . In addition, they state that the physical demand from Asia is low compared to previous weeks , as retail investors prefer to stay on the sidelines ahead of the Fed meeting next week. Recall that the ultrasoft monetary policy increased the appeal of gold as an investment in recent years , keeping interest rates at extremely low levels, while stirring up fears about inflation have helped to raise the price to a record high in 2011. Gold prices have fallen about 19 ​​percent since then , as the Fed has indicated that it may start reducing monetary stimulus by the end of the year.

According to analysts Thomson Reuters GFMS, gold prices could fall below $ 1,300 an ounce by the end of 2014 , as the decline of quantitative easing may increase the likelihood of higher interest rates. Furthermore, they added that , despite the fact that the Fed's decision to reduce the asset purchase program is already reflected in the price of gold, we can not say that is not going to happen any hesitation , as importantly , when this will be announced .

The cost of the October gold futures on COMEX today dropped to $ 1330.50 per ounce.

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