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27.10.2014 16:20

Gold: an overview of the market situation

Gold prices fell slightly today, due to the expectations of the Fed meeting, scheduled for this week. According to experts, the central bank said the continuation of folding bond purchase program, and such a decision is likely to have an upward pressure on the dollar, which again weaken the demand for gold as a safe haven. Investors are also closely examine the Fed statement to find in it further hints on the timing of interest rate increases. Recall, rising interest rates generally negative for gold, as it increases the relative cost containment metal.

Little impact on the bidding had stress test results of the largest banks in Europe have shown that the majority of the region's leading lenders have enough capital to survive another financial crisis. On Sunday, the ECB announced the results of tests of 150 banks. In all, 25 banks had discovered the lack of capital, but most of them have already taken action. A total of 13 banks still need to save $ 9.5 billion. Euro debt capital.

The value of precious metals also affect the data on the US housing market. As it became known, the number of pending home sales rose slightly in September and is now higher compared to the same period of the previous year for the first time in 11 months. The index of pending home sales (PHSI) - forecast indicator based on signed contracts - rose slightly by 0.3 percent to 105.0 in September from 104.7 in August, and is now 1.0 per cent higher than in September 2013 (104.0). The index is above 100 for the fifth month in a row, and is the second highest level since last September.

Also today it was announced that the world's largest reserves of the Fund ETF SPDR Gold Trust fell on Friday to 4.5 tonnes - up to 745.39 tons, reaching a six-year low. According to the results of last week, stocks fell by 15.5 tons, fixing the maximum weekly drop since July last year.

The cost of December gold futures on the COMEX today dropped to 1228.80 dollars per ounce.

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