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06.11.2014 16:21

Gold: an overview of the market situation

Gold prices rose slightly today, as yesterday's drop to four-year low led some buyers back into the market. Nevertheless, most investors prefer to stay out of the market in anticipation of tomorrow's release of US data on the number of people employed in non-agricultural sector. Analysts expect that in October, the US economy added 229,000 jobs, compared with 248,000 in September.

Positive employment report is likely to intensify speculation regarding possible terms of interest rate increases by the Federal Reserve, while the weak data could increase the demand for gold, undermining the foundation for fast growth rate.

Negligible impact on the bidding had today's decision of the ECB to leave rates. Commenting on the move, the head of the Bank, Mario Draghi said that high unemployment continues to hamper economic recovery of the region, and geopolitical tensions could negatively affect the situation with investing. In this regard, the Governing Council will closely monitor developments and if necessary act. If the prospects for price stability or inflation expectations deteriorate, the Bank may launch new measures. Representatives of the Council already developing possible steps to such a case.

Also important was the fact that the head of the ECB repeatedly noted that solutions voiced today, were adopted unanimously, has dispelled rumors that many politicians oppose it, as previously reported in the article Reuters.

Analysts also note the weak demand for gold in China, where demand for gold jewelry, bars and coins usually increases with a decrease in prices, but this time it did not. On the Shanghai Gold Exchange precious metals on Thursday traded at world standard or slightly cheaper. "One explanation for the lack of demand in the physical market may be that investors are waiting for further price reductions or price stability", - said analyst Robin Bhar Societe General, referring also to the depreciation of several national currencies.

Meanwhile, today the Dutch bank ABN Amro warns its clients from attempting to buy heavily depreciating gold, according to analysts, the decline in quotations of precious metals continues, and by the end of next year they will reach $ 800 per ounce.

The cost of December gold futures on the COMEX today rose to 1145.60 dollars per ounce.

Market Focus

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  • Eurozone: Consumer Confidence, January -4.9
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