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26.08.2014 15:20

Gold: an overview of the market situation

Gold prices rose markedly today, departing from the two-month low, which was caused by the expectation of meeting of Russian President Vladimir Putin and his Ukrainian counterpart Petro Poroshenko. However, after the meeting of gold began to lose positions.

As it became known, the presidents of Russia and Ukraine in the first three months of the meeting exchanged mutual accusations of seeking to undermine each other, and then in unison called for an end to violence in the east of Ukraine, shifting each other accountable. Russian leader Vladimir Putin at a meeting with the participation of Russia's partners in the Customs Union and EU Commissioners said that the post-revolutionary turn to Europe through Ukraine Association Agreement will cause damage to Moscow to $ 3 billion in the initial stage, and Russia will be forced to cancel the preferences to imports from Ukraine. Meanwhile, the president of Ukraine Petro Poroshenko said: "We are ready to resolve all issues in mutual trade, but want it to not become an element of political pressure."

Experts note that the tense situation in Ukraine and the Middle East did not cause a significant increase in demand among investors, but some jewelers have started to buy gold when the price fell below $ 1,300. "The trend towards recession persists for a long time, and today we see technical buying at $ 1.282 and $ 1.283. The physical market has calmed down after yesterday's active buying and you need to watch is whether the growth is sustainable or short-term, "- said a dealer in Hong Kong.

Pressure on prices have data on the United States, which showed that consumer confidence index from the Conference Board, which increased in July, showed a further improvement in August. The index is currently 92.4 (1985 = 100) compared to 90.3 in July. Assess the current situation index rose to 94.6 from 87.9, while the expectations index fell to 90.9 from 91.9.

Meanwhile, the index of the cost of housing in the 20 largest cities in the United States, calculated by S & P / Case-Shiller, in June 2014 increased by 8.1% in annual terms, the forecast of + 8.2%.

In addition, it was reported that the world's largest reserves of the gold-exchange-traded fund SPDR Gold Trust on Monday fell by 0.37 percent to 797.09 tons.

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. Margins in Singapore held at $ 0,80- $ 1.00 to London prices.

The cost of the October gold futures on the COMEX currently increased to $ 1282.50 per ounce.

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