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27.08.2014 15:20

Gold: an overview of the market situation

Gold prices fell slightly today, but remained above $ 1,280 per ounce, which is associated with weak demand in Asia, rises in the stock markets and hopes for the new incentives from the European Central Bank.

"The market is still very cautious. The physical market is not as good as in the last month or even last year. We see a significant amount of speculative trading with the major players and hedge funds, "- said the manager GoldSilver Central Pte Ltd Brian Lang.

Meanwhile, the fall in prices is constrained by a decrease in the dollar. A weak dollar usually helps gold, as it boosts the metal's appeal as an alternative asset and decreases in the price of dollar-denominated commodities for holders of other currencies. The dollar jumped to a 11-month high against the euro after last week, ECB President Mario Draghi said in Jackson Hole, the central bank is ready to take more unconventional measures if necessary to stimulate the weak economy in the eurozone.

The course of trade was also affected by today's data on Germany. According to today's publication of the survey results from GfK, it is expected that consumer confidence in Germany in September weakened. September consumer confidence index dropped to 8.6 compared to 8.9 in August. Experts predicted that the September index was 9.0. It was the first decline in the index since January of 2013. Nevertheless, the value is high enough, says the GfK.

Pressure on prices is weak demand for physical gold in Asia. In July, for the fifth time in a row there was a falling gold imports into China from Hong Kong, to 22.1 tons - the lowest level in more than three years. Analysts say the latest forecast of the World Gold Council, according to which the demand for gold in China this year will reach 900-1000 m, may be too optimistic.

Meanwhile, data showed that the world's largest asset holder of gold investment institutions ETFs SPDR Gold Trust at the end of the day on August 26 fell by 1.49 m and fell to the level of 795.60 m - the lowest figure since August 15 of this year.

From a technical point of view, today and in the coming days, the price of gold price dynamics are likely to be limited to the level of support $ 1,275.0 an ounce resistance level $ 1290.0 per ounce.

The cost of the October gold futures on the COMEX currently dropped to $ 1282.80 per ounce.

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