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24.10.2014 15:20

Gold: an overview of the market situation

The price of gold rose slightly today, which was associated with a reduction in the European stock market and the depreciation of the dollar. Nevertheless, at the end of the week the precious metal has lost about 0.5 percent.

Little impact on the course of trading have today's data on the housing market the United States. It is learned that new home sales rose 0.2% in September compared with the previous month - to an annual rate of 467 000 Sales rose by 15.3% in August to 466,000 units, which have been revised downward from the initial assessment of 504 000 sales in June and July were revised downward. Economists had expected sales to fall in September by 6.7% to 473 000 The September sales of 467,000 was still the highest since July 2008. According to estimates of the Ministry of Commerce data on new home sales can be volatile from month to month. 0.2% increase in September were calculated with an accuracy of 15.7 percentage points. Sales in September rose 17% from a year earlier. For the first nine months of this year, sales rose by 1.7% compared to the same period in 2013. In the newly built homes accounted for about 10% of purchases of homes in the United States. Sales of existing homes rose 2.4% in September to a seasonally adjusted annual rate of 5.17 million, it is the fastest pace of the year, said on Tuesday the National Association of Realtors. But sales of existing homes were less than 1.7% last month compared with a year earlier.

Meanwhile, we add that market participants are cautious in anticipation of the Fed meeting, scheduled for next Wednesday. Many experts believe that the central bank of the USA completes asset purchase program as part of its third round of quantitative easing, as well as provide clues as to the timing of interest rate hikes.

The cost of the December gold futures on the COMEX today rose to 1229.80 dollars per ounce.

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