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09.04.2015 15:20

Gold: а review of the market situation

Gold prices declined moderately today, entrenched below $ 1200, as investors continued to analyze the minutes of the meeting of the Fed. Also, the pressure on the precious metal has a strengthening of the US dollar after a report on the labor market. Recall protocols Fed meeting on March 17-18 showed that Fed officials at its last meeting were divided in their opinions as to whether they are ready to begin June to raise short-term interest rates. While some managers think that June would be a good time to raise interest rates, while others believed that the decline in energy prices and a stronger US dollar will put pressure on inflation and would justify the preservation rates near zero, where they are from December 2008. At that meeting, the Fed has withdrawn from his statements assurance that it will exercise patience before you raise the stakes. This immediately opened the door for a rate hike in June. Minutes showed that opinions on this subject really razdelilis..Napomnim delay in raising interest rates tend to contribute to the demand for gold, as it reduces the relative cost containment metal, guaranteeing investors a higher profit.

As for the data, the Labor Department said today: the number of Americans filing first time applications for unemployment benefits rose last week but remained at historically low levels, which is consistent with the growth in jobs. Initial claims for unemployment benefits rose by 14,000 and reached a seasonally adjusted 281,000 in the week ended April 4. Economists expected 271,000 initial claims. The data for the previous week were revised up to 267,000 from an initial assessment of 268,000, which corresponds to a 15-year minimum. Moving average of four weeks for applications that aligns weekly volatility, fell by 3,000 to 282,250 last week. This was the lowest level since June 2000. The number of repeated requests for unemployment benefits fell by 23,000 to 2,300,000 in the week ended March 28, the lowest level since December 2000. Continuing claims are presented with one week delay.

Meanwhile, analysts note that the decline in prices could be temporary. "The current decline in gold prices may be just a technical correction. Today, the price may drop to $ 1,190, but I expect that it would again exceed $ 1,200 in the coming weeks," - said the expert Phillip Futures Howie Lee.

As for the situation in the physical market, the demand for gold in China is low, and its price on the Shanghai Gold Exchange for about $ 1 per ounce higher than the reference spot price.

May futures for gold on the COMEX today fell to 1195.30 dollars per ounce.

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