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23.12.2014 16:20

Gold moderately increased from three-week low

Gold prices rise with marked on the eve of a three-week low.

Liquidity in the market decreased in the absence of Japanese players and on Christmas Eve, and traders watch the movement of the stock and foreign exchange markets and oil.

The growth of the stock price and the dollar weaken demand for gold as a low-risk asset and the decline in oil prices makes the precious metal less attractive as a hedge against inflation.

US stock indices S & P 500 and Dow Jones finished Monday at historic highs, and the dollar index against a basket of six major currencies close to nine-year peak.

Today was published a large block of US statistics, which caused a stronger dollar and curb the rise in gold prices.

US Department of Commerce to improve the estimate of GDP growth in the 3rd quarter of 2014 from 3.9% to 5%, based on the annual rate, according to final figures released. Analysts on average expected increase to 4.3%. Growth in July-September was the most significant since the third quarter of 2003.

Consumer spending, which accounts for about 70% of the US economy, rose in the 3rd quarter by 3.2%, adding 2.5 percentage points (pp) to GDP growth, whereas previously reported an increase of 2 2%. Their growth, in particular, explained the highest for several years increased spending on durable goods - by 9.2% (8.7% in the previous report, the Ministry of Trade). In early 2015 the rise in this segment is likely to accelerate due to the low gasoline prices and the situation on the labor market.

Consumer confidence in the US in December 2014 rose to 93.6 points from 88.8 in November level points, according to final data, University of Michigan, which calculates the figure. Value of the indicator was revised downward from the preliminary estimated at 93.8 points, but remained the highest since January 2007. Analysts had expected a reduction estimates to 93.5 points.

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 allows you to count on increasing consumer spending in the holiday season.

Will support the demand for gold gives physical markets in Asia. Margins in Shanghai rose to $ 5 per ounce to the price in London at $ 03.02 on Monday.

According to the IMF, Russia in November increased gold reserves of the eighth month in a row, while Ukraine has reduced stocks for the second month in a row.

The cost of the February gold futures on the COMEX today rose to 1184.90 dollars per ounce.

23.12.2014 16:40

Oil advanced

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