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05.12.2014 16:20

Gold: а review of the market situation

Gold prices dropped significantly today, dropping at the same time below $ 1,200 per ounce, which was related to the strengthening of the dollar after the release of strong data on US labor market, which increased the likelihood of an earlier Fed rate hike.

The dollar index, calculated by Bloomberg and tracks the US dollar against 10 major world currencies, jumped during the auction at 0.7%, up to a maximum in March 2009.

Earlier it was reported that the number of people employed in non-agricultural sectors of the economy grew a seasonally adjusted 321,000 in the last month, this is the strongest hiring month since January 2012. Hiring was broad-based across the economy, led to a marked increase in the sector of professional and business services. Changes showed that employers added more 44 000 jobs in September and October than previously thought. Employment in October was revised up to 243,000 from 214,000, and September increased by 271 000 has been revised to 256 000. The unemployment rate, which is obtained from a separate survey of households in the US was 5.8% in November, unchanged from the previous month, remaining at its lowest level since mid-2008. Economists had expected employment to increase by 225,000 in November, and the unemployment rate will remain unchanged.

"The report was just stunning - the analyst noted Commonwealth Foreign Exchange Omer Eshiner. - He may well give rise to speculation that the Fed will be to raise rates before the middle of next year, which will cause a further increase in the dollar. "

"The growth of gold is partly due to the performance and demand in the physical market, but the main factor for this market - macroeconomics. The main theme - the strengthening of the dollar and US economic growth - is preserved "- said an analyst at Mitsubishi Jonathan Butler.

As for the situation in the physical market in China, there is gold sold at a premium of $ 01.02 per ounce to the spot price. Also, today's data from the Istanbul Gold Exchange showed that Turkey in November, more than double the gold imports to 46.9 tons (maximum amount more than six years).

Cost of January futures for gold on the COMEX today fell $ 8.12 to 1194.20 dollars per ounce.

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