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17.12.2014 16:20

Gold: a review of the market situation

Gold prices fell slightly, while entrenched below $ 1,200 per ounce, which is associated with the expectations of this year's last meeting of the Federal Reserve System. Little influenced by US data showing that the consumer price index fell to a seasonally adjusted 0.3% in October. This marked the largest monthly fall since December 2008, when the US was in a recession. Excluding food and energy, the so-called "core" prices rose by 0.1%. Economists had predicted a drop of 0.1% of the total price and the increase in basic prices by 0.1%. Compared with a year earlier, as a whole, prices rose by 1.3% in November and the basic prices rose by 1.7%. The Federal Reserve is focused on the annual inflation rate of 2%, as a sign of healthy economic growth and price stability. She prefers a separate measure, calculated the Ministry of Trade, which also shows that inflation remains below that purpose.

Investors remained cautious ahead of Fed statement after the constant speculation about the prospect of a rate hike in the US next year, raised expectations that the bank may change its forecast and mitigate the promise to keep interest rates near zero for "an extended period". In recent years, commodity markets benefit from a program of monetary easing by the Fed, on the other hand, are under pressure if the bank tightens its policy.

Pressure on prices had a significant drop in the ruble, which has led to speculation about the sale of the Central Bank of Russia's gold reserves. In this scenario, we can expect a significant drop in prices, in view of what we want to buy it at the existing levels, while a little.

Demand for physical gold in Asia remained weak as traders waited for the announcement of the results of the Fed meeting.

It also became known that the stocks of the world's largest gold exchange-traded fund SPDR Gold Trust fell at the end of Tuesday's 1.8 tons.

The cost of the December gold futures on the COMEX today fell to 1197.60 dollars per ounce.

Market Focus

  • Euro Area trade balance surplus declined significantly in August
  • Consumer prices in China were up 1.6 percent on year in September,
  • US consumer sentiment surged in early October, reaching its highest level since the start of 2004 says UoM
  • Earnings Season in U.S.: Major Reports of the Week
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