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06.05.2013 15:20

Gold: an overview of the market situation

Gold prices held near 2-week high, showing a slight increase, which tempts some buyers back into the market after the second week of growth. Many experts point out that a significant decline, which was recorded last month is likely to be considered complete at this time.

We add that the precious metal rebounded quickly after Friday's decline, which was triggered by the publication of data on employment in the United States, the number of which rose more than expected. The report eased fears about the U.S. economic recovery and reduced the conversations that further monetary easing may be necessary.

According to the vice-president of Saxo Bank Ole Hansen, "Technically we are in a good upward channel since mid-April, but any increase in the dollar may simply push gold to the downside. He also added that the outflow of capital from ingots supported exchange-traded products, which reached record levels in recent months, has also slowed. Note that the stocks in the SPDR Gold Trust fell on Friday by 3.6 tons, against a fall of 6.6 tonnes on Thursday. All these data are signs that the market could potentially preparing for growth to the level of $ 1525, especially given the rapid recovery.

Dealers noted that the increase in demand from China - the second-largest consumer of gold, contributed to an increase in premiums above $ 10 per ounce, making gold cheaper for overseas markets.

The cost of the June gold futures on COMEX today rose to 1468.40 dollars an ounce.

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