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25.08.2014 15:20

Gold: an overview of the market situation

Gold prices fell slightly today, approaching at the same time to two-month low, due to the strengthening of the dollar and expectations of rising interest rates the Fed. Experts note that the steady growth of the American economy could lead to an increase in Federal Reserve interest rates, which are already beginning to affect the formation of the price of gold, which becomes less attractive as a tool for hedging inflation. Over the past month, hedge funds reduced bets on gold was in the 4 th time. Total open interest in futures and options in New York City almost reached the 5-year low. As a result of the fall of quotations for the precious metal by 2%, which was not in May, the assets of gold exchange-traded fund (ETF) lost $ 1.2 billion.

"In terms of market sentiment, I think it's a negative price reduction. Every time the price can not hold above $ 1,300, starts disappointment "- said a senior dealer at Lee Cheoung Gold Dealers in Hong Kong Ronald Leung. "The Fed chief Janet Yellen said earlier about the possibility of rising interest rates. All these factors have a negative impact on gold. The only good news - this increase in demand at that price level, "- said Leung.

As for today's events, the attention turned to data on the United States, which showed that the results of last month sales of new buildings in the United States declined significantly, registering with the second consecutive monthly decrease. However, experts point out that the growth of real estate stocks on the market and moderate price increases should help to stimulate demand in the coming months. According to the report, the seasonally adjusted new home sales fell by 2.4 percent to an annual rate of 412,000 units, the lowest level since March. Sales for June were revised upwards - to the level of 422 thousand. 407 thousand. Units. Economists forecast that new home sales to rise to 426 thousand. Units. The Ministry of Commerce also said: inventories of new homes on the market increased by 4.1 percent - to 205, 000 units, the highest since August 2010. In view of the July sales pace will require 6.0 months to implement all the stocks (the highest rate since October 2011). Recall that in June this ratio was 5.6 months.

We also add that the margins on gold bars in Hong Kong rose to $ 0,70-1,10 per ounce to prices in London from $ 0.50-1.00 last week due to sales to jewelers. Margins in Singapore held at the level of $ 0.80-1.00 to London prices.

The cost of the October gold futures on the COMEX currently down to $ 1276.00 per ounce.

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