FX & CFD trading involves significant risk
Gold futures rose today, while reaching the 11-week high, driven by speculation about a Greek exit from the euro zone.
According to surveys, two weeks before the parliamentary elections in Greece, with a small margin is still leading opposition party, which opposes the program cuts in social spending. There are rumors that Greece may exit the euro zone if the opposition party wins the election, but on Sunday the leader of the party said that Greece will remain part of the eurozone.
Analysts believe that gold is going up because of the growing demand for safer assets than you can buy in the stock market and in comparison with the US dollar. At the same time, at the end of 2015 gold could drop to new lows, noted in Barclays. "We expect that gold prices will flock to new lows in 2015, met with strong obstacles in the form of a strengthening of the dollar against the euro to levels that were observed more than 10 years, and the first nine years of rising interest rates in the United States," - said in a report of the bank's market dragmetalov.
Some investors worried that the recent fall in oil prices have a negative impact on the energy-exporting countries and worsen the state of the global economy. On the dynamics of trade is also affected by uncertainty about the timing of the Fed raising rates. Market participants expect growth rates in June, now believe that the Fed may hold off on such a step, as wage growth in the US slowed in December, despite a substantial increase in employment. In addition, the fall of oil prices to a minimum of 5.5 years, putting downward pressure on inflation in the country, which is also an argument in favor of more recent rate hikes.
Meanwhile, the pressure on prices has the situation in the US stock market. The demand for gold as a safe asset faded against the background of solid growth in US equity markets. Meanwhile, the yield on 10-year bonds recovered in the area of 1.933%. Gold can go into the red zone, if the stock markets continue to rally, stimulating the growth of bond yields.
The cost of the February gold futures on the COMEX today rose to 1235.60 dollars per ounce.
|remaining time till the new event being published|