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09.05.2014 15:21

Gold: an overview of the market situation

Gold prices have not changed today, but are on their way to a second consecutive weekly drop . Experts note that due to fears of ongoing tensions in Ukraine and the risk of civil war, supported the demand for the precious metal , although the rise of a strong dollar limits .

Today, the dollar continued to rise against the single currency after yesterday gave the largest one-day rise since mid-March as investors do not stop to analyze yesterday's statement of ECB Draghi regarding additional monetary stimulus .

We also add that the demand for shelter rose after pro-Russian separatists in eastern Ukraine ignored the public appeal of Russian President Vladimir Putin to postpone the referendum on self-government. They said they plan to hold a vote on Sunday that as many fear could lead to civil war . Senior EU diplomats reached a preliminary agreement Wednesday to expand the legal criteria for imposing sanctions on Russia in order to facilitate the task of freezing assets of the companies involved in the Ukrainian crisis.

Since the beginning of the week , gold prices fell slightly more than half a percent against the backdrop of differences between Russia and the West in regard to Ukraine , and statements of the Federal Reserve System Janet Yellen on monetary policy.

Premiums for gold in India ( world's second largest consumer of gold ) decreased this week , as many traders are waiting for changes of import restrictions . Dealers in other parts of Asia also said demand was much lower than last year.

To date, the cost of the June gold futures on COMEX rose to a high of $ 1289.20 .


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