Search

Client support: Phone: (+357) 22314160

FX & CFD trading involves significant risk

News

Show news:
  • All news
  • Currencies
  • Stocks
  • Commodities



15.01.2014 16:20

Gold: an overview of the market situation

Gold traded down though and could recover some of the previously lost positions as strong U.S. data and optimistic outlook for global economic growth caused a rise in the dollar and stocks, which put pressure on the metal.

As it became known , the U.S. producer price index rose a seasonally adjusted 0.4% in November , led by a jump in energy prices. This happened after declining for two consecutive months , and marked the biggest increase since June. However , producer prices for the entire 2013 rose by only 1.2% , it is the smallest annual growth rate since calendar 2008. Main producer prices , which exclude volatile prices for food and energy , increased by 0.3% from November and 1.4 % for the whole 2013 . Growth last month was lower than the forecast of economists expect an increase in overall prices by 0.5% , while the growth of the base prices was above forecasts of 0.1 %.

" The gold market is largely dependent on U.S. economic data , because they directly affect the forecast reduction ( Fed stimulus .) Report on retail sales was good, but the main event will be the Fed meeting later this month ," - said precious metals trader in Hong Kong.

On the price of gold is also influenced by the report of the World Bank , which raises forecasts for global economic growth , stating that the weakening of fiscal consolidation measures in countries with high income increased growth prospects.

Presenting its latest report on global economic prospects , the lender said it now expects that the global economy will grow by 3.2 percent this year , which was a little more than forecast at 3.0 percent, which was mentioned in the June report . It's also better than expected growth of 2.4 percent in 2013 . Much of this improvement reflects the growth in high -income countries, the bank said . In 2015, global gross domestic product will grow by 3.4 percent , which is slightly faster than the 3.3 percent that had been projected earlier. In addition , another report showed that the gold reserves in SPDR Gold Trust, fell on Tuesday by 3.56 tons - up to 789.56 tons , reaching a five-year low at the same time .

We also add that analysts banks Goldman Sachs and Credit Suisse advised to sell gold because, in their opinion, now is the best strategy game on the commodity markets . Their outlook - falling gold prices to $ 1,050 an ounce by the end of 2014. Analysts banks Commerzbank and Citibank different opinion . The upside of gold they appreciate in 1300-1400 dollars per ounce.

Cost February gold futures on the COMEX today dropped to $ 1241.00 per ounce.

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
March 2017
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002

Quotes

All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.

To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

  • © 2011-2017 TeleTrade-DJ International Consulting Ltd

    TeleTrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

    The company operates in accordance with Markets in Financial Instruments Directive (MiFID).

  • The information on this website is for informational purposes only. All the services and information provided have been obtained from sources deemed to be reliable. TeleTrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

  • TeleTrade cooperates with SafeCharge Limited, which is an electronic money institution authorized and regulated by the Central Bank of Cyprus and is a principal member of MasterCard Europe and Visa Europe. We also cooperate with Moneybookers and Neteller, which offer electronic e-wallet services authorized and regulated by the Financial Conduct Authority.

    Please read our full Terms of Use.

  • To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

    TeleTrade-DJ International Consulting Ltd currently does not provide its services to residents or nationals of the USA, and also doesn't provide retail Forex and CFD accounts to residents or nationals of Belgium.

Connect with Us
Share on
social networks
Online
consultant
Request a callback
Top Page