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25.04.2014 15:20

Gold: an overview of the market situation

Gold prices rose almost one percent , breaking the $ 1,300 level , after yesterday's fall to its lowest level for the last 2.5 months . Price hike came amid escalation of the situation in Ukraine , which increased investor demand for safe assets .

Tension escalated after it became known that the Ukrainian forces killed five insurgents in the pro-Moscow Thursday. Russian Defense Minister Sergei Shoigu said yesterday that Russia was forced to react to the situation and announced the beginning of the exercise groups battalion southern and western military districts.

Meanwhile, U.S. Secretary of State John Kerry said Washington is close to new sanctions against Moscow.

"I do not expect to de-escalate the situation in the coming days it could get worse . This will reduce the pressure on gold and precious metal buying support as a reliable asset " - the analyst believes Kitco.com Jim Wyckoff .

However, the precious metal remains in a fragile position as the interest of long-term investors are still missing , analysts say.

Also had little impact on the U.S. data presented Thomson-Reuters and the Michigan Institute . They showed that in April, American consumers feel more optimistic about the economy than was recorded in the last month. According to the data , in April the final index of consumer sentiment rose to 84.1 compared with a final reading for March at 80.0 , and the initial estimate for April at around 82.6 . It is worth noting that according to the average estimates of experts , the index had to grow compared with the March value to reach 83.2 .

Investors are now awaiting the next meeting of the Federal Reserve System , which will be held next week. According to the median forecast of economists , April 30 policy of the Fed decide to re-cut quantitative easing program by 10 billion to $ 45 billion dollars a month. It is expected that the pace American Central Bank will complete its stimulus program by October this year.

Premiums for gold bullion were largely unchanged in Asia this week , as the depreciation of the yuan curbed demand from Chinese buyers. Margins on gold bars in Hong Kong is $ 0.80-1.00 per ounce to the price in London and Singapore - $ 1-1,20 , approximately at the level of last week.

June futures on COMEX gold rose to $ 1302.00 .

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