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12.01.2015 16:20

Gold: A review of the market situation

Gold prices recovered, while closer to the month high, due to the fall in US stock indices, as well as a slight weakening of the US dollar.

Falling bond yields caused the dollar index to retreat from the daily high. Yields on 10-year US securities decreased by 2.9 bp to 1.94%, and 2-year bonds - by 1.6 bp up to 0.561%. Meanwhile, DJIA and S & P are falling on the background of the collapse of the shares of energy companies. Precious metal may continue to grow, if the fall in stock markets will trigger risk aversion.

Market participants also monitored on the dynamics of the oil market. "Low oil prices tend to adversely affect the gold, but prolonged drop in prices raises concerns that further losses will have a detrimental effect on the financial markets and oil-exporting countries. This creates demand for gold as a safe asset," - said analyst HSBC James Steele.

Gold futures in recent days have been supported, as political uncertainty in Greece and concerns about the impact of falling oil prices on the global economy led investors to buy the precious metal. Some investors buy gold, believing that in turbulent times, it is better to retain its value than other assets.

Stocks of the largest gold ETF-secured fund SPDR Gold Trust on Friday rose 0.42 percent to 707.82 tons.

Increase in the price of gold also helps to increased demand in the physical markets, particularly in China on the eve of the New Year according to the lunar calendar, which is celebrated in February. Margins on the Shanghai Gold Exchange held at the level of last week's $ 05.04 per ounce.

The cost of the February gold futures on the COMEX today rose to 1226.60 dollars per ounce.

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