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09.04.2014 15:20

Gold: an overview of the market situation

Gold prices fell today , due to the expectations publishing minutes of the last Fed meeting, from which most analysts hoping to get more precise allusions to the QE program deadlines and to know when to start increasing the base rate .

It is worth noting that new concerns about Ukraine , as well as technical buying after the breakout of $ 1,300 , helped lift gold nearly 1 percent on Tuesday, but uncertainty about the monetary policy of the USA , as well as weak physical and investment appetite drove prices lower.

" Geopolitics and the weakening dollar gave gold growth stimulus , but until that growth is unconvincing . Optimists , unfortunately, have to rely on further deterioration in the geopolitical situation that gold has passed the level of resistance , which I estimate at $ 1,321 ," - said the chief analyst at Saxo Bank Ole Hansen .

Kiev promised within 48 hours of negotiation or force to release the building to the east of the country , captured by pro-Russian activists , demanding a referendum on independence that Kiev sees as Moscow's attempt to repeat the scenario of annexation of the Crimea . Russia on Wednesday rejected as " unfounded " fears of Kiev and the West over the presence of its troops along the Ukrainian border , saying that they do not pose a threat , and accused the U.S. of tensions in the region .

The cost of the precious metal is also supported by data on the trade balance of Germany, whose surplus in February unexpectedly fell to 15.7 billion euros from 17.2 billion in January. Experts , on the contrary , expected growth to 18.8 million euros.

Stocks of the world's largest gold exchange-traded fund secured SPDR Gold Trust Tuesday down 2.7 tonnes to 806.48 tonnes. Proceeds of new funds into the fund has not been since March 24 .

Demand in the physical market in China , the world's largest consumer of gold, rose slightly , and the price of the Shanghai Gold Exchange for the first time since early March exceeded spot prices in London, about $ 1 per ounce.

The cost of the June gold futures on the COMEX today dropped to $ 1306.40 per ounce.

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