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15.08.2014 15:20

Gold: an overview of the market situation

Gold prices fell sharply today, but in the last few hours were able to restore most of the lost ground amid reports of infiltration of the Russian armed forces in Ukraine. Recall, economic and geopolitical events around the world remains a source of instability and uncertainty.

On the dynamics of trade continue to affect yesterday's data from the World Gold Council, which showed that global demand for gold in the second quarter of 2014 decreased compared to the same period of 2013 by 16% to 963.8 Tonny (30.98 million ounces) in mainly due to the reduction in demand from the jewelry industry in the third. In value terms, demand for gold in the second quarter totaled $ 39.922 billion, a decline of 24% or $ 12.31 billion compared with the same period a year earlier. Demand for gold in China in the second quarter of 2014 fell by half to 208 tons for a total of $ 8.6 billion. In India, demand has also decreased by 39% to 204 tons for a total of $ 8.45 billion. Total supply of gold in the second quarter increased by 10% to 1,078 thousand. tons, including world production - by 13% to 815.3 tons. The World Gold Council expects that the supply of gold will reach its peak in 2014 and is held at this level for the next 4-6 quarters.

Little influenced by today's reports on the United States, which has shown that price indicator in the United States rose slightly in July - it's a sign that inflationary pressures remain modest in the USA economy. Producer price index for final demand, which measures changes in the prices that companies get when they sell goods and services, increased a seasonally adjusted 0.1% last month from June, the Labor Department reported Friday. Excluding volatile categories of food and energy, producer prices rose 0.2%. The result coincided with economists' expectations. Producer prices rose 1.7% in July compared with a year earlier, down from an annual rate of growth of 1.9% in June, 2% in May and 2.1% in April.

Meanwhile, it was reported that hedge fund manager John Paulson, the billionaire has retained its stake in the largest exchange-traded products backed by gold, as the metal prices rose. During the three months ended June 30, Paulson & Co., the biggest investor in the SPDR Gold Trust (GLD), upheld its share of $ 10.23 million. Shares, the government reported yesterday. Rate has not changed the fourth consecutive quarter.

This year, the assets of SPDR Gold Trust fell 0.3 percent to 795.6 metric tons, after falling 41 percent in 2013.

The cost of the September futures contract for gold on COMEX today dropped to $ 1305.90 per ounce.

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