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25.09.2014 15:20

Gold: an overview of the market situation

Gold prices rose sharply, recovering from a nine-month low, which has been associated with the widespread weakening of the American currency. It should be emphasized that from the beginning of September gold fell by 6 per cent last month to complete the strongest decline since June 2013. Demand in the physical market has weakened since last year, when the price fell by 28 percent, but rose slightly in recent weeks. Now traders are waiting for increased demand in the largest gold consumer China and India with the onset of the wedding season and holidays. Sales of gold coins in the United States doubled in September compared with August to 50,000 ounces, according to the United States Mint.

Had little impact as Draghi comments. Speaking at a conference in Vilnius, ECB President Mario Draghi said that the central bank is ready to introduce additional non-traditional instruments, if the inflation target of 2% will be under threat. "We are ready to change the size or composition of our unconventional measures," - said Draghi. ECB President suggested that the euro zone needs to show moderate growth in the second quarter of this year, despite weaker-than-expected economic conditions.

Market participants also drew attention to the data on the United States. New orders for durable goods fell by 18.2% in August compared to the previous month to a seasonally adjusted totaled 245.43 billion. Dollars. This was stated by the Ministry of Commerce. Economists had expected orders for durable goods fall by 17.7% in July. Orders rose by 22.5% in July, revised slightly downward from the initially reported growth of 22.6%, due to the huge surge in aircraft orders. Demand for new cars and trucks also fell in August, while the orders of cars and auto parts fell by 6.4%, after rising 10% in July. But excluding the volatile transportation category orders rose 0.7% in August after a 0.5% decline in the previous month, which was revised to reduce the originally reported 0.8%. Excluding defense goods orders fell by 19% last month after rising by 24.9%.

According to forecasts, the price dynamics of quotations of gold today limited support level of $ 1200.0 per ounce and resistance level $ 1225.0 per ounce.

The cost of the October gold futures on the COMEX today rose to 1220.40 dollars 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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