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18.12.2014 16:20

Gold: a review of the market situation

Gold has risen in price considerably today, updating the yesterday's high, but has lost all positions on positive US data. Substantive support to the precious metal had yesterday's decision by the Fed. Recall, the Fed has indicated that it may raise interest rates next year, correct wording that will keep them close to zero level "extended period" of time and demonstrating confidence in the US economy. The final statement after a two-day FOMC meeting informed that he will adhere to the "patient" approach to the solution, when to raise the cost of borrowing. "Based on current estimates, the committee believes that it can be patient with the beginning of the normalization of monetary policy," - said the Fed, which called him "consistent" with the previous wording that higher rates will be preceded by a "significant period of time."

Meanwhile, the chairman of the US Federal Reserve Janet Yellen said that the central bank is unlikely to raise short-term interest rates, at least until spring. She added that this estimate is, of course, depends entirely on the data.

It should be emphasized that in recent years the commodity markets benefit from a program of monetary easing by the Fed, on the other hand, are under pressure if the bank tightens its policy. According to most economists, the largest US banks surveyed after the Fed meeting on Wednesday, the central bank to raise rates for the first time until June, and enhancements will be more. Experts also believe that the growth in demand for gold in the largest consumers of China and India will support prices in the coming year.

Pressure on prices has had a strengthening US dollar exchange rate, which was caused by the publication of data on the labor market. The Labor Department said the number of Americans who first applied for unemployment benefits fell last week and remained near 14-year lows, becoming the latest data showing an improvement in the labor market. The number of initial claims for unemployment insurance, the sensor layoffs, reduced by 6000 and reached a seasonally adjusted 289,000 in the week ended December 13th. On Thursday. Economists had expected 297,000 new claims. Moving average for four weeks, which smooths the volatile weekly data, fell by 750 to 298 750. The report also showed the number of people who continue to receive unemployment benefits fell by 147,000 to 2.37 million in the week to December 6.

The cost of the December gold futures on the COMEX today returned to 1194.40 dollars per ounce.

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