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25.02.2015 16:20

Gold: а review of the market situation

Gold futures rose moderately, further retreating from a seven-week low, after the Fed chief signaled that the rate increase is not inevitable. Yesterday Yellen said that the Fed will show flexibility in the timing of raising the base interest rate. She also emphasized that the changes in the formulation of positions Fed monetary policy should not be interpreted as an intention to necessarily raise rates at the next meeting. She added that sounded a statement on the results of the January meeting of the word "patience" that the Fed will show leadership with regard to interest rates, mean that their increase is unlikely "in the next couple of meetings." Among other things, the head of the Federal Reserve said risks to the US economy from other regions of the world. It is worth emphasizing, gold has been under pressure in recent weeks amid lingering expectations that this year, the Federal Reserve will raise interest rates. Expectations rise in interest rates has a negative impact on the dynamics of the price of gold, because it can not compete with earning assets at high rates.

Had little effect as of today's US data. The Commerce Department reported that sales of newly built, single-family homes fell by 0.2% compared to the previous month and reached a seasonally adjusted annual rate of 481 000. Economists had expected sales to fall to 477 000. The figures for the previous month was revised up level of 482,000 to 481,000 initial value, making December the strongest month since June 2008. Sales of new buildings account for about one-tenth of the total housing market, and monthly figures are often revised. The data showed that the weather could keep the housing market in the northeast. Sales of newly built, single-family homes in the region fell by 51.6% to an annual rate of 15 000, the lowest figure ever recorded. Sales in the West were lower, while the Midwest and South have recorded growth. Nationwide, the stock remains constant. Given the pace in January, it would take 5.4 months to exhaust the supply of newly built homes on the market. The average price of a house under construction was $ 294,300 in January, up 9.1% compared to $ 269,800 a year earlier.

Higher prices also helped by the fact that today many Chinese market participants returned after celebrating the New Year according to the lunar calendar, which lasted about a week. Since the beginning of the new year in China, experts expect an increase in demand for metals, including gold. Margins on the Shanghai Gold Exchange rose to $ 5- $ 6 per ounce to the spot price from $ 3- $ 4 before the Christmas holidays a week ago.

April futures price of gold on the COMEX today rose to 1203.90 dollars per ounce.

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