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20.04.2015 15:20

Gold: a review of the market situation

Gold prices fell markedly, reaching a level with the $ 1190 per ounce, which was caused by the strengthening of the dollar and rising US stock indices against the decision of the Central Bank of China. Stronger US dollar usually has a negative impact on the price of gold, as decreases the attractiveness of the precious metal as an alternative asset and makes dollar-denominated commodities more expensive for buyers in other currencies.

Recall, the People's Bank of China (PBC) reduced reserve requirements of commercial banks by 100 basis points to 18.5%. In this case, Agricultural Bank of China was allowed to reduce the reserve requirement ratio by 200 basis points. Vacant as a result of measures taken means banks will have to submit to increase liquidity and lending of various industries in the country.

Decline in the value of precious metals has also been associated with the statements of the ECB Draghi, who has rejected speculation about the failure of Greece from the euro, confirming that the European single currency is irreversible. At the conference during a meeting of prominent financial officials Draghi said he continues to insist on comments made in August 2012. More about the euro, then he said "irreversibility euro." The risk of a Greek exit increases due to the resulting impasse between Greece and its creditors. Meanwhile maturity debt Athens must come in the coming weeks. Draghi declined to say how the ECB will respond to the Greek default, saying: "I do not want to even discuss such a scenario. We all want to have all happened in Greece." In addition to the Greek situation, Draghi said that the eurozone economy is on a firmer basis than it has been for many years.

Little support prices have expectations of the meeting of the Federal Reserve in late April, from which investors hope to get new hints for a period of rising interest rates. "Uncertainty in the period of rising interest rates allows gold to rise, and if they start serious concerns about geopolitical events in Greece or elsewhere, they also support gold," - said a senior strategist at ING Bank Hamza Khan.

Meanwhile, adding that the demand for physical gold market remains weak. Margins in China are held at Friday - $ 1 per ounce to the international standard.

The cost of the June gold futures on the COMEX today fell to 1192.90 dollars per ounce.

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