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23.10.2014 15:20

Gold: an overview of the market situation

Gold prices fell sharply today, approaching at the same time to a weekly minimum, because the stronger-than-expected economic data and upbeat earnings reports led to a rebound from the critical technical levels.

Experts note that the strong performance of China's PMI and Germany have reduced the metal's appeal as a safe asset and labor market data the United States put additional pressure on gold. Previously submitted report showed that the number of new applications for unemployment benefits in the United States rose last week but remained near a fourteen-year lows, this is another sign of a healthy labor market conditions. The number of initial claims for unemployment benefits rose by 17,000 and amounted to a seasonally adjusted 283,000 in the week ended Oct. 18, the Labor Department said Thursday. It was above 269,000 applications for Economists. Treatment for the previous week were revised higher by 2,000 to 266000. This was the lowest level since April 2000. The Labor Department said that there were no special factors influencing the data. Moving average for the four weeks of initial claims, which smooths weekly volatility, fell by 3,000 to 281,000, the lowest level since May 2000. The report also showed the number of people continuing to receive unemployment benefits fell by 38,000 to 2.35 million in the week ended Oct. 11. These figures are a one week lag.

Also today it was announced that the world's largest reserves of the Fund ETF SPDR Gold Trust on Wednesday declined by 0.3% to 749.87 tonnes - at least since the end of 2008.

Little support have expectations rising demand in the physical market of India on the eve of the two parties, when increasing the purchase of gold jewelry. Demand in China is also the largest consumer increased, and the margin to the reference spot price is about $ 2 per ounce.

The cost of the December gold futures on the COMEX today dropped to 1227.20 dollars per ounce.

Market Focus

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  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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