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03.12.2013 16:20

Gold: an overview of the market situation

Today the price of gold reached its lowest level since the beginning of July , as U.S. data fueled expectations that the Federal Reserve will reduce the amount of its monetary stimulus , which contributed to the restraining investment interest in the precious metal. Note that the data released on Monday showed that the ISM index of manufacturing activity reached a peak in November for the last two and a half years , potentially opening up opportunities for the Fed to curtail the program of quantitative easing. Nevertheless , the price of gold has not been able to gain a foothold near their minimum values ​​, while rising to session highs .

I should add that today , experts from the Swiss bank UBS AG lowered outlook for gold in 2014 to $ 1,200 per ounce in 1325 dollars per ounce. At UBS said that currently fighting in gold prices is not only advantageous sales of investors, but in a limited number of positive catalysts, which suggests that gold is unlikely to regain its former appeal.

The bank also said that the downward momentum in gold prices could lead to the fact that investors can test the level of 1,050 dollars per ounce , which can be called " a decent standard of buying ", but this way will be "very turbulent ." Note that since the beginning of the year the price of gold has lost 27% , and in June its value fell to a minimum of 34 months , on fears of collapse of quantitative easing in the U.S..

The course of trade is also affected by expectations for important data. Add that this week will be released in the U.S. a number of macroeconomic indicators, including data on employment growth and the unemployment rate for November and the revised GDP dynamics for the III quarter , which will help to assess how things are going in the largest economy in the world.

According to dealers , buying gold consumers in Asia - the largest market in the world for physical gold rose on Tuesday in connection with yesterday's sharp fall in prices , but buyers remained on the sidelines , as expected further fall.

The cost of the December gold futures on the COMEX today rose to $ 1223.80 per ounce.

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