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13.08.2014 15:21

Gold: an overview of the market situation

Gold prices rose sharply today, which was associated with the release of weak retail sales data in the United States, which have reduced the speculation in an earlier interest rate hikes by the Federal Reserve.

The Commerce Department said retail sales and the sale of food in July, adjusted for seasonal fluctuations remained unchanged compared with the previous month. Americans spent more on food and clothes, but cut spending on cars and shopping in department stores. Excluding autos, retail sales rose 0.1% in July compared with the previous month. Economists had expected sales to rise 0.2% in July and will rise by 0.4% excluding autos.

Retail sales rose 0.2% in June compared with the previous month, unchanged compared with the earlier estimate of the Ministry of Trade. In May, sales rose by 0.4% compared with the previous month, the result was revised down from a previously reported growth of 0.5%.

Consumer spending has been uneven in July. Sales of motor vehicles and parts fell by a seasonally adjusted 0.2% in June, sales at furniture stores fell by 0.1% and sales at department stores fell by 0.7%. Expenses increased by 0.2% for building materials and garden stores offer, slowing the growth of 1% in the previous month. Costs at the gas station went up by 0.1% from June, but remained below 1.2% compared to July 2013 costs rose 0.4% last month from June to clothing stores, rose 0.2% in grocery stores and increased by 0.2% in the food services and drinking establishments.

The dynamics also affect the disappointing Chinese economic data, has renewed concerns about the health of the 2nd largest economy in the world.

Meanwhile, it became known that the assets the world's largest holder of gold investment institutions ETFs SPDR Gold Trust at the end of the day on August 12 did not change after August 8, 2014. they decreased by 1.79 m and amounted to 795.86 tons - the lowest since June 30, 2014.

From a technical point of view, today and in the coming days, the price of gold price dynamics will be limited to the level of support $ 1300.0 per ounce and resistance level $ 1320.0 per ounce.

The cost of the September futures contract for gold on COMEX today rose to $ 1313.30 per ounce.

Market Focus

  • Euro Area trade balance surplus declined significantly in August
  • Consumer prices in China were up 1.6 percent on year in September,
  • US consumer sentiment surged in early October, reaching its highest level since the start of 2004 says UoM
  • Earnings Season in U.S.: Major Reports of the Week
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