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26.02.2015 16:20

Gold: а review of the market situation

Gold prices retreated from a session high, approaching at the same time to the opening level, which was due to a significant strengthening of the dollar and the publication of the US data. The US Commerce Department reported that orders for durable goods rose in January by 2.8% after falling 3.7% in the previous month. Economists had expected the index to increase by 1.7%. Increase in orders for durable goods in the US in January was marked for the first time in three months. Orders excluding transportation equipment increased in January by 0.3% after falling 0.9%. Analysts had expected growth rate of 0.6%. Orders excluding aircraft and military equipment rose last month by 0.6% when compared to December is expected to increase by 0.4%. The fall of the index in December was 0.7%, not 0.6% as previously reported. Orders for civilian aircraft soared in January to 128.5% after falling 58.3% the previous month, orders for computers and electronics rose 1%, for industrial equipment - by 1.9%. At the same time, the volume of orders for vehicles and parts decreased by 2.9% for electrical equipment - by 3.4%.

Meanwhile, the support prices continue to recent comments by Fed chairman Yellen, which led investors to revise the expectations of a rate hike in the United States. Yellen said that economic conditions "are unlikely to" justify raising interest rates for "at least the next couple committee meetings." She added that if the economy continues to improve, as expected by the Fed, then the bank will update its strategy to further disclosure policy.

As for the situation in the physical market, the margins on the Shanghai Gold Exchange held at $ 4- $ 5 per ounce to the spot price after the resumption of the Chinese market on Wednesday. "The demand for gold in the physical market is growing again after the return of Chinese traders, which is reflected in the margins on the Shanghai Gold Exchange" - the report says Commerzbank.

Also, the data showed that China's gold imports from Hong Kong rose in January compared with the previous month, reflecting the increased demand on the eve of the Lunar New Year. Net gold imports from Hong Kong rose to 76.118 tons last month from a three-month low of 71.381 tons in December.

April futures price of gold on the COMEX today rose to 1207.10 dollars per ounce.

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