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28.07.2014 15:20

Gold: an overview of the market situation

Gold prices have not changed today, continuing to trade near the level of $ 1,300 per ounce, which is associated with the tension between the West and Russia, and confrontations in the Middle East.

"The interest in gold as a reliable asset is retained, but the dollar is putting pressure. Main test will be later this week when we get the data for the U.S., and perhaps the Fed's comments on interest rates, "- said a trader in Sydney.

It is noteworthy that group Hamas in Gaza agreed to a 24-hour truce, but did not agree with Israel on a complete cessation of hostilities. At least 36 people were killed over the weekend during the fighting between the Libyan special forces and Islamists in the city of Benghazi in eastern Libya.

As regards the situation in Ukraine, the U.S. and the EU are preparing new sanctions against Russia on a background of continuing fighting in the east of the country.

On the dynamics of trade also affect expectations meeting of the Federal Reserve System and the publication of GDP data for the second quarter and non-farm payrolls, which will help to measure the strength of the economy and the prospects for the next cycle of changes in interest rates the U.S. central bank. According to analysts, the probability of these events to promote gold above current levels will be low.

Meanwhile, the IMF report presented today showed that the central banks of several countries around the world are actively increasing gold reserves. Fill up their gold reserves decided, in particular, central banks in Turkey, Kazakhstan, Mexico, Russia, Tajikistan, Serbia, Greece and Ecuador. However, the total amount of gold reserves in the world fell in June, the second consecutive month and reached 1,022 troy ounces. In June, the price of gold rose highest growth rate over the past 4 months, aided by the unstable situation in Ukraine, Israel and Iraq. At such a geopolitical backdrop, investors are choosing the precious metal as a hedge.

The cost of the August gold futures on the COMEX today rose $ 1 - up to $ 1304.30 per ounce.

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