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07.11.2014 16:20

Gold: an overview of the market situation

Gold prices rose more than 1 percent, departing from the 4.5-year low, which was associated with the release of weak data on the US labor market.

As previously reported, a number of US non-farm payrolls rose moderately in October, but the unemployment rate fell and wages rose, a sign of the strengthening of the labor market. Non-agricultural employment increased from a seasonally adjusted 214,000 last month. Since the beginning of the year, employers added more than 220 000 employees on average each month, it is the pace, which in the past has always maintained almost ten years ago. The revised data showed that in the previous two months, the economy has added more than 31,000 jobs than previously estimated. Employers added 256,000 jobs in September compared with the original estimate of 248,000. August reading was revised up to 203,000 from the previously announced 180 000. The unemployment rate, obtained from a separate household survey, fell to 5.8% last month. This is the lowest level since 2008. Economists had expected employment to increase by 229 000 in October, and the unemployment rate will remain at 5.9%.

It is worth emphasizing the price of gold under strong selling pressure in recent weeks amid speculation that the first time in eight years, the Federal Reserve closer to raising interest rates after the last month of its bond-buying program, also known as quantitative easing.

Meanwhile, the data showed the world's largest reserves of the gold-traded exchange-traded fund SPDR Gold Trust on Thursday fell by 0.41 percent - up to 732.83 tons, which is a six-year low.

Analysts also note the weak demand for gold in China, where demand for gold jewelry, bars and coins usually increases with a decrease in prices, but this time it did not. On the Shanghai Gold Exchange in the precious metal is trading Friday on $ 1-2 per ounce more global benchmark, whereas before, the margin reached $ 50.

According to experts, in the near future on the precious metals market conditions do not improve. Now, most central banks have developed measures to stimulate the economy, so to bind to gold assets is no reason. The price of gold is estimated to be around in the near future to around $ 1,100. Experts Goldman Sachs, meanwhile, noted that the precious metal may go down in value and up to $ 1050 per ounce.

The cost of December gold futures on the COMEX today rose to 1162.00 dollars per ounce.

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