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24.01.2013 16:44

Gold fell to one-week low


Gold cheaper amid growing confidence in the global economic recovery, which reduces the attractiveness of low-risk assets.

China's manufacturing sector growth accelerated to a two-year high in January, showed preliminary purchasing managers' index (PMI), which is calculated by the order of the bank HSBC.

In the eurozone, the fall in business activity in January slowed by Germany. Record company Markit, brought hope that the economy of the region began in 2013 on a stronger position. According to the data, a preliminary purchasing managers' index (PMI) Eurozone in January rose to 48.2, indicating a slowdown in the rate of decline compared to December, when the index was 47.2.

The preliminary purchasing managers' index (PMI) for the manufacturing U.S. in January rose to 56.1 from the final value of 54.0 in December. The January index was the highest since March 2011. In Markit reported that the PMI index suggests that "growth in the U.S. manufacturing sector has received an even bigger boost in early 2013."

Market participants are waiting for the outcome of the meeting of the Federal Reserve, which will be held next week.

Demand in the physical market in China on the eve of the New Year is not as high as in previous years.

Stocks of the world's largest exchange-traded fund backed by gold ETF SPDR Gold Trust YTD decreased by 16.7 tons.

February futures price of gold on COMEX today fell to 1664.20 dollars per ounce.



Market Focus

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  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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