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17.06.2014 15:20

Gold: an overview of the market situation

Gold prices fell sharply, reaching a minimum in this week, and then began to recover, returning with almost all previously lost ground.

The course of trade affected by lower geopolitical tensions in Iraq, the publication of the U.S. data, and expectations of the Fed meeting. Experts note that investors saw signs that the Iraqi government is able to repel Islamist militias. According to media reports, military units subordinated to Iraqi Prime Minister Nuri al-Maliki, were able to defend the city Baquba, who tried to capture the Islamists. Meanwhile, the U.S. State Department holds official talks on the situation in Iraq with Iranian diplomats.

It should be noted that market participants do not consider the geopolitical risks as important as before, and the demand for gold as a safe haven is reduced. Presumably it is financial investors took the recent rise in gold prices to lock in profits as long as possible. It can be assumed due to the outflow of new exchange-traded funds. Data showed the world's largest reserves of gold exchange-traded fund secured SPDR Gold Trust on Monday fell by 4.2 tons to 782.88 tons, approaching a minimum of five years and demonstrating the greatest reduction in nearly two weeks.

We also add that market participants closely monitor statistics on the U.S., trying to predict the next steps of the Fed. More positive data relating to production activity stoked expectations that the U.S. central bank may take a tougher stance on current monetary policy. Against this backdrop, investors get rid of gold, which in terms of growth rates becomes difficult to compete with the assets generating interest income.

The cost of the August gold futures on the COMEX today dropped to $ 1270.7 per ounce.

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