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03.12.2014 16:20

Gold: A review of the market situation

Gold prices rose today, while a foothold above $ 1,200 an ounce, as the firmer oil prices led investors to seek more volatile products. Meanwhile, a further rise in prices is constrained by the strengthening of the US currency (US dollar index, which tracks the greenback against a basket of six major currencies, traded at 88.90, the highest since March 2009). A stronger dollar usually puts pressure on gold, as it reduces the metal's appeal as an alternative asset and raises the price dollar products for holders of other currencies.

Positive impact on the stock of the American labor market data, which were worse than expected. As it became known, private sector employment increased by 208,000 jobs in October and November. Expected to increase to 223 thousand. We also add that the figure for October was revised up to 233 thousand. To 230 thousand. Among producers employment increased by 32,000 jobs in November, compared with 46,000 jobs in October. The construction industry added 17,000 jobs during the month, well below the growth in the past month by 27 000. Meanwhile, the productive sector added 11,000 jobs in November, which is slightly less than the October 13 000. Employment in the services sector grew by 176,000 jobs in November compared with 187,000 in October.

Also today it was announced that the world's largest reserves of the gold-Fund ETF SPDR Gold Trust on Tuesday rose by 2.4 tons, but still close to six-year low.

"We expect that the pressure on the price of gold to continue in the first half of next year amid increasing rumors of the impending increase in US interest rates," - the report says Commerzbank. The bank forecasts that gold will fall in price up to $ 1,125 in the second quarter of 2015, but by the end of the year the price will rise to $ 1,250.

"The main factors for gold in the medium and long term, will the US economic recovery and the expected rise in interest rates next year, which should reduce investor demand for precious metals," - said an analyst at Julius Baer Carsten Menke.

Cost of January futures for gold on the COMEX today rose $ 5.14 to 1213.70 dollars per ounce.

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