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25.10.2013 15:20

Gold: an overview of the market situation

Gold prices recovered from session lows , stabilized with near one-month high , completing the current week increase. Note that the rise in price of the precious metal this week has been associated with the publication of weak data , which pushed even further opportunities to reduce the stimulus from the Fed .

Recall that yesterday, the U.S. Labor Department reported that the number of Americans filing initial applications for unemployment benefits fell last week - a sign that the majority of employers in the private sector left jobs for the period of interruption of the government. The number of initial claims for unemployment benefits fell by 12,000 adjusted for seasonal variations to 350,000 .

Report on Thursday pointed to a cooling in the labor market . On Tuesday , the government reported that the economy added only 148,000 jobs in September , based on data collected before October 1. This compared with an average of more than 200,000 jobs a month in the first half of the year .

Signs of softening of the labor market and the U.S. economy , combined with the weakening of other economic reports posing a new challenge for the Federal Reserve and puts the start date to reduce incentives. Recall that the issue would be discussed at a meeting of the Fed, which will take place on the already next week.

Data presented today also showed that stocks of the world's largest exchange-traded fund backed by gold SPDR Gold Shares on Thursday fell by 0.2 percent or 1.8 tons. Recall that on Monday the fund holdings declined by more than 10 tonnes, but increased by 6 tonnes on Tuesday .

Note also that the increase in spot prices further deter physical demand in most Asian countries. Premiums on the Shanghai Stock Exchange on gold fell to multi-month lows at $ 2 an ounce. This compares with a high of $ 30, which was recorded in April and May.

The cost of the December gold futures on COMEX today dropped to $ 1347.00 per ounce.

Market Focus

  • U.S international trade deficit was $69.7 billion in November
  • Chicago Business Barometer rose to 67.6 in December, up from 63.9
  • U.S initial jobless claims little changed last week
  • U.S. commercial crude oil inventories decreased by 4.6 million barrels from the previous week
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