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12.03.2014 15:20

Gold: an overview of the market situation

Gold prices rose significantly today , while reaching a six-month high, as investors expect that fears of corporate defaults in China and geopolitical confrontation between Russia , Ukraine and the West have a negative impact on the stock market , and increase the attractiveness of the precious metal as a hedge against the risk of .

Concerns regarding China came to the fore after the data were published on China's exports in February. Index decreased by 18.1 % year on year, which was an unpleasant surprise for investors worldwide. Following these data came the news that a small Chinese company Shanghai Chaori Solar Energy, working in the field of solar energy , reported inability to pay its debts and as a result was declared bankrupt . This corporate default became the first in the history of China, but , according to analysts , not the last . The following defaults can occur in industries that are threatened by overproduction (this steel, nonferrous metals , coal mining ) .

Tensions between Russia and Ukraine has also affected the cost. Leaders of the G7 countries urged Russia not to support the holding of a referendum on the status of Crimea. They emphasize that such a referendum would be illegal and that they do not recognize its results. The statement noted that "if Russia annexed the Crimea, it would be a violation of the UN Charter " and a number of Russian- Ukrainian agreements. Furthermore, such a move would entail " further action " against Russia , leaders warn G7.

Market participants also continue to expect the Fed's policy meeting , which is scheduled for March 18-19 . The central bank is likely to announce a further reduction of bond-buying program to $ 10 billion after a series of U.S. economic data showing that growth was limited by difficult weather conditions .

Meanwhile, add that secured by gold exchange-traded funds received inflow of investments in the amount of $ 500 million in February after 13 months of outflows , according to BlackRock. But demand in the physical market fell after the price increase : the Chinese market gold at $ 3 per ounce cheaper than on the spot market in London , while at the beginning of the year, prices in China were $ 20 higher.

The cost of the April gold futures on the COMEX today rose to $ 1365.80 per ounce.

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