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09.10.2013 15:20

Gold: an overview of the market situation

Today, the price of gold dropped significantly in the first place was due to profit-taking by traders . In addition , we add , that the nomination Yellen has revived hopes of the players on the fact that the U.S. would still be able to avoid a default on the debt.

It should be noted that today the White House will call the name of the new head of the U.S. Federal Reserve . It is expected that Barack Obama nominates for this key position Janet Yellen , who until recently served as vice president and deputy chairman of the Federal Reserve Board of Governors of the organization. 67 -year-old Yellen will be the first representative of the Democratic Party of the United States at the head of the main regulator of the U.S. economy since 1987 and the first woman to head the Federal Reserve.

Experts suggest that Janet Yellen intends to continue the program to stimulate economic growth in the U.S. , with all available resources from the Fed . Commentators have noted that the main challenge for her will be the fight against high unemployment in America, which currently stands at 7.3 percent .

We also add that analysts expect a positive market reaction to the appointment Yellen , because it is " well known as a high professional level."

Recall that the authority of the current Fed chairman Ben Bernanke will expire in January 2014. Barack Obama has repeatedly said that Bernanke during the eight years of successful work in office.

Given the fact that the change of the head of the U.S. Federal Reserve takes place against the background of the confrontation between Democrats and Republicans in Congress, it is possible that legislators statement Yellen will be complicated because of internal political disagreements on the fight with the budget deficit and the U.S. economy .

Meanwhile , we add that the decline in gold prices also contributes to the budget crisis in the United States . Yesterday , U.S. President Obama and Speaker of the House John Boehner discussed by telephone the budget crisis , and the markets once again began to hope for its resolution. This has stimulated the demand for the dollar , thus , falls metal.

In addition , the data showed that the gold reserves of the world 's largest exchange-traded fund SPDR Gold Trust fell 1.8 tonnes on Tuesday . Note that since October 1, stocks in the fund decreased by 8 tons , which was associated with the partial termination of the U.S. government.

The cost of the December gold futures on COMEX today dropped to $ 1301.60 per ounce.

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