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08.11.2013 16:20

Gold: an overview of the market situation

Gold prices declined significantly today , reaching at this three-week low as the dollar jumped after a report on U.S. employment . Note that the better-than -expected data , increases the likelihood that the Federal Reserve will reduce the amount of their economic stimulus programs until the end of the year.

In the U.S. Department of Labor reported that the number of jobs outside agriculture in October rose by 204,000 . This is much higher than the forecast of economists who had expected an increase of 124,000 . Data for the previous two months were revised up by a total of 60,000 . September growth was revised up to 163,000 from 148,000 the initial assessment , and August - to 238,000 from 193,000 .

The data also showed that the number of jobs in the private sector in October rose by 212,000 . This is the strongest growth since February , and he points out that the company ignored the suspension of the government last month.

The average increase in jobs over the past three months now exceeds 200,000 , which corresponds to the strong growth recorded at the beginning of this year.

Meanwhile, it was reported that the unemployment rate , which is calculated on the results of a separate survey of households , rose slightly - to 7.3 % from 7.2 % in September , while confirming economists' forecasts .

It is worth noting that this weekend will begin a key meeting of the Communist Party of China, which it will last 4 days. During the meeting should be made public policy priorities for the next decade , and this can trigger the growth of gold prices.

Now the price of gold is 31% lower than the peak level reached in September 2011 While the long-term trend in the market can be described as bearish, analysts point to the demand from Asian investors , as a reason for optimism.

" The content of the reforms will be painful and disruptive , and I suspect that many Chinese investors will seek safe assets , and will go for gold - says the managing director and chief strategist for Silvercrest Asset Management Patrick Chovanets . - This will be especially true if the real estate bubble burst. for the Chinese buying and the accumulation of "empty " assets perform the same function as the investment in gold, as they both have the property of preserving unproductive cost. so if the real estate market will be a correction, many Chinese investment will turn into gold. "

The cost of the December gold futures on COMEX today dropped to $ 1286.70 per ounce.

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