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04.07.2013 15:20

Gold: an overview of the market situation

The value of gold has not changed in the course of today's trading, despite the fact that the European Central Bank President Mario Draghi signaled the ECB may cut interest rates further. In addition, we add that, given the celebration of Independence Day in the United States, the volume of trading today is much lower than usual.

In today's July meeting on monetary policy, which was also attended by European Commission Vice-President Olli Rehn, the Governing Council of the ECB decided to keep interest rates at 0.5%.

European Central Bank President Mario Draghi suggested that inflation will remain "below, but close to, 2% over the medium term." He also noted that the recent confidence indicators in the euro area improved, and expressed the hope that later this year will begin a gradual recovery of the economy. Therefore, the ECB will keep rate accommodative to support economic activity.

Draghi said that "according to the expectations of the Governing Council, the key ECB interest rates will remain at current or even lower levels for a long time." Such a statement was an unprecedented display of transparency regarding their future intentions in dealing with the Central Bank of the market. He also assured that the program OMT, which has helped to reduce tensions in the financial markets, ready for activation when needed.

Despite the recent volatility in the financial markets, the head of the ECB noted an overall improvement in market sentiment in recent months, and expressed the hope that this situation will affect the health of the European economy.

Note also that the following statements Draghi all market participants' attention shifted to tomorrow's employment report in the U.S., which may affect future monetary policy.

Meanwhile, today it was announced that the gold reserves in the stock funds fell yesterday by 0.3%, reaching 2,036.89 tonnes (the lowest since May 2010).

The cost of the August gold futures on COMEX today dropped to 1247.90 dollars an ounce.

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