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12.12.2014 16:20

Gold fell

During today's trading prices for precious metals moderately reduced, but the gold market is ready to complete the growth of the second week in a row due to the increased demand for safe assets.

"100-day moving average of $ 1,234 - a level of strong resistance. The market is already three times stormed this milestone, but he resisted. If it can be overcome, the next important mark will be the 200-day moving average at around $ 1,267," - said a dealer MKS Group Jason Cherizola.

Brent oil price fell to a minimum of 5.5 years, losing 40 percent since the beginning of June due to oversupply. Cheap oil can cause a decline in interest in gold as protection against inflation.

The world's largest reserves of gold secured fund ETF SPDR Gold Trust on Thursday rose 0.13 percent to 725.75 tons.

"The longer the price stays above $ 1,200, the more new customers, why can increase reserves fund ETF. Until now, the fall in oil prices was unfavorable for gold, but if prices fall below $ 60, and the financial markets will begin to disturb the influence of low energy prices on the global economy, buying gold as a reliable asset may rise, "- wrote in the report, analysts HSBC.

Gold prices fell today after data Reuters / Michigan index value reflected potrebdoveriya 93.8, well above the forecast of 89.6.

December consumer confidence index in the US rose to its highest level since January 2007, compared with 88.8 points in November. Growth in consumer confidence in the US reflects mainly lower energy prices, improvements in the labor market and higher salaries. The Fall of the cost of gasoline allows Americans to send more money to buy other goods and services - it can expect to boost consumer spending.

Optimistic report on consumer sentiment led to a slight recovery of the US stock market, although the key indices remain in negative territory. Yields on 10-year Treasuries rebounded from daily lows at 3.5 bp to 2.145%.

The cost of the February gold futures on the COMEX today fell to 1214.80 dollars per ounce.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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