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08.10.2014 15:20

Gold: an overview of the market situation

Gold prices fell sharply, losing the all previously earned the position, due to the expectations of the publication of minutes of the September meeting of the Fed, which will help get new clues on the possible direction of monetary policy.

It is necessary to emphasize that optimistic data released last week, stressed the view that the strengthening of the economic recovery may prompt the Fed to raise interest rates earlier than forecast markets. Expectations of rising interest rates put pressure on gold as the precious metal will melt less attractive compared to other earning assets with growth rates.

The course of trade also continues to affect yesterday's decision by the IMF to lower global economic growth forecast for 2014 to 3.3 percent from 3.4 percent and for 2015 to 3.8 percent from 4.0 percent. Recall that in April, the IMF predicted global economic growth this year to 3.7%, but in July lowered its expectations to 3.4%. In addition, the IMF said that the forecast growth of the economies of developed countries in 2014 remained unchanged - at 1.8%, and the forecast for 2015 was reduced by 0.1% - up 2.3%. Estimates of GDP growth in emerging markets have been degraded to 4.4% from 4.5% for 2014 and to 5% from 5.2% for 2015.

Meanwhile, we add that today Chinese buyers returned to work after the holiday week. Margins on the Shanghai Gold Exchange rose to $ 05.06 per ounce to the spot price of the world market with a $ 3 before the holiday.

"Gold prices clearly can grow at the expense of risk aversion, but I think that the prices are not retained at this level, and again fall to $ 1,180," - said a trader in precious metals in Hong Kong.

According to HSBC analyst James Steel, despite the pause in the sale of gold and the likelihood of short covering, the forecast strengthening of the dollar is likely to retard the growth of quotations of gold.

The cost of the December gold futures on the COMEX today rose to 1209.80 dollars per ounce.

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