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12.08.2014 15:20

Gold: an overview of the market situation

Gold prices increased significantly today, as market participants continue to follow the geopolitical events in Ukraine, Iraq and Gaza. The dynamics are also affected by lower bond yields to a minimum the United States over the past 14 months.

Recall also, on Monday, Haidar al-Abadi became the new Prime Minister of Iraq, instead of Nouri al-Maliki, who was in office the last eight years. However, Maliki refused to resign and has mobilized a task force in Baghdad. President Barack Obama said that the appointment of Abadi is an important step for Iraq against the militants of the Islamic state.

As for the Ukrainian events on Tuesday the Russian convoy of 280 trucks with humanitarian aid went toward Ukraine on the background of Western warnings against the use of aid as a pretext for invasion. Ukraine argues that the border is now the presence of Russian troops numbering 45 thousand., While NATO has warned that there is a "high probability" that Moscow will carry out military intervention in the east, where government troops close to the pro-Russian separatists.

Meanwhile, traders pay attention to data on economic sentiment in Germany and the euro area. Indicator of Economic Sentiment ZEW in Germany has dropped significantly in August 2014: the corresponding indicator lost 18.5 points and now stands at 8.6 points (long-term average of 24.6 points). Showing a decrease for the eighth time in a row, the indicator reached the lowest level since December 2012, and the current decline is the strongest since June 2012. Decline in economic sentiment, most likely due to the current geopolitical tensions that affected the German economy. In particular, the current figures on industrial production and incoming orders show a marked decrease in investment by German companies against the backdrop of uncertain sales prospects. As the economy in the euro zone is not gaining momentum, there are signs that economic growth in Germany in 2014 will be weaker than expected.

We also learned that the assets of the world's largest holder of gold investment institutions ETFs SPDR Gold Trust remained unchanged yesterday, after August 8, 2014. they decreased by 1.79 m and amounted to 795.86 tons (the lowest since June 30 2014goda).

The cost of the September futures contract for gold on COMEX today rose to $ 1314.40 per ounce.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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