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11.04.2014 15:20

Gold: an overview of the market situation

Gold prices fell slightly today, but still continue to be close to a two-week maxim . We also add that the precious metal is sent to its largest weekly gain this month due to lower risk appetite , and increasing expectations that the U.S. Federal Reserve will keep interest rates unchanged until early next year .

We also recall that yesterday reached the highest gold values ​​from 24 March , as minutes of the March Fed meeting showed that officials were not keen on raising interest rates right after the purchase of bonds .

Also reflected in the dynamics of today's U.S. data , which showed that the prices that businesses receive for their goods and services rose in March , despite a long period of restrained inflation in the U.S. economy . Producer Price Index ( PPI) , which measures the change in prices for everything from food and equipment to the warehouse and transport services rose a seasonally adjusted 0.5% in February, the Labor Department said . The index rose 0.6% , excluding the volatile categories of food and energy . Economists had expected the index to rise by a more modest 0.1% , and predicted an increase of 0.2 % excluding food and energy . The index fell 0.1 % in February (not changed compared to the initial estimate of the Ministry of Labour ) . PPI was up 1.4% in March compared with a year earlier , the biggest annual increase since last August . Data showed U.S. producer prices recorded their biggest gain in nine months in March.

Meanwhile, we add that the political tension lowered risk appetite of investors after Russian President Vladimir Putin warned that Europe's gas supplies may be disrupted if Moscow will reduce the flow to Ukraine over unpaid bills.

Price growth was also limited to the continuing outflow of gold funds and weak physical demand in Asia. Add that stocks SPDR Gold Trust, the world's largest gold exchange-traded fund , declined yesterday by 0.26 tons. Fund inflows have not seen since March 24 .

According to analysts, reducing the risks of renewed gold persist despite the factors supporting the growth of gold. To improve the technical prospects precious metal to overcome the resistance of the current $ 1324 , and for the resumption of the upward trend - the level of $ 1343 . Otherwise quotes again test the support at $ 1278 per ounce.

The cost of the June gold futures on the COMEX today dropped to $ 1317.10 per ounce.

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