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06.05.2014 15:20

Gold: an overview of the market situation

Gold prices fell , losing the position of all previously earned , which was due to concerns about weak physical demand , although tensions in Ukraine and the reduction in the dollar index to 6.5 -month low provided some support.

Earlier in the session quotations reached $ 1315.8 per ounce , the highest since April 15 for the contract , which is the most actively traded .

Trading volume by 18% below the average for the last 100 days. I also add that the London and Tokyo markets closed on Monday due to the holidays .

" We believe that the price above $ 1,300 are not sustainable because they are mainly due to speculation ," said Commerzbank analyst Daniel Brieseman . " Physical demand seems to be somewhat muted . We have seen a significant outflow of ETF in the last couple of weeks and weak sales of coins in the United States . "

The data showed that outflows from the world's largest gold ETF - SPDR Gold Shares - amounted to about 10 tons last week.

It is also worth noting that, according to Bloomberg, net gold imports to China through Hong Kong declined to 80.6 thousand tons in March to 111.4 tons in February and 130 thousand tons, which were delivered in 2013. Gold imports into China may fall in the next few months due to falling yuan, while India 's gold imports is growing. At the same time on the last 11 weeks the stock exchanges are not as active play to increase the price of gold , given the signs of U.S. economic growth .

To date, the cost of the June gold futures on the COMEX fell to $ 1308.00 .

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