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17.11.2014 16:20

Gold: an overview of the market situation

Gold prices have not changed today, while remaining close to two-week high, as the decline in global stocks amid disappointing data on Japan was offset by the strengthening of the US currency.

As reported earlier, Japan's GDP for the third quarter of this year fell by 1.6% after falling 7.3% in the second quarter. Thus, the economy entered a phase of recession. Compared to the previous quarter of this year, the national economy contracted by 0.4%. Consumer activity for the period rose by 0.4% after a decline of 5% in the last quarter. GDP decline was a surprise, as most experts predicted a slight increase at the level of 1.5-2%. Earlier it was reported that according to these data, Prime Minister Shinzo Abe will decide whether to postpone scheduled for October 2015 increase in the consumption tax from 8 to 10%.

Meanwhile, experts point out that, despite the recent rise in gold prices, they probably would still be vulnerable in the short term, amid signs that the strengthening of the recovery of the US economy will force the Fed to start raising interest rates earlier and more sharply than expected.

"When the price of gold fell below $ 1,180, was opened a lot of short positions, and when the quotes again risen above this level began covering these positions. The market is still considered an important marker $ 1,180 if she hold out, the price can go up to $ 1,230, "- said a trader in Hong Kong.

Market participants are also waiting for the publication of minutes of the last meeting of the US Federal Reserve and the data on consumer price inflation, leaving on Wednesday and Thursday respectively. If no protocol will signal the strengthening tendency to tighten policy, and inflation will decline, gold is likely to continue strengthening.

We also learned that the outflow of funds from the largest secured gold traded exchange-traded fund SPDR Gold Trust stopped on Friday after an eight-day decline, but its reserves are still close to a six-year low (now the volume of reserves is 720.62 tonnes).

The cost of December gold futures on the COMEX today fell $ 1.5 to 1184.00 dollars per ounce.

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