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10.02.2014 16:21

Gold: an overview of the market situation

Gold prices rose significantly today , as weak employment data in the U.S., which were presented at the end of last week , raised the question about the economic recovery , and a slowdown in stimulus from the Federal Reserve .

Add that after this report , the attention of many market participants begin to switch to tomorrow's presentation of a new chapter of the Federal Reserve Janet Yellen , from which experts expect to hear that the policy will remain the same for a long time .

" Gold is approaching the level of $ 1280 per ounce , and receives some support from a weaker dollar , but market participants cautious as he expected statements Yellen ," said analyst Robin Bhar Societe Generale . "Some of the " soft " economic reports on the U.S. may mean that the Fed will pause attenuation at the March meeting , but everything depends on the data flow between now and then ." Recall that the next meeting of the Federal Committee on open market operations the Fed is scheduled for March 18-19 .

Today, spot gold prices rose by 0.6 percent , after rising 1.9 percent the previous week , recording its biggest weekly gain since Jan. 3 .

It is also worth noting that one of the reports submitted showed that consumer demand in China, which is the world's largest consumer of gold , reached 1,000 tons in 2013. Nevertheless , it is expected that demand will fall slightly this year from 2013 reached record levels. We also add that gold production in China in 2013 also reached a record level - 428.16 tons, making the country the biggest earner in the world for the seventh consecutive year.

The cost of the April gold futures on the COMEX today rose to $ 1274.30 per ounce for ounce.

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