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27.01.2015 16:20

Gold: a review of the market situation

Gold prices rose markedly, approaching the mark of $ 1,300 per ounce, which is due to the depreciation of the US dollar in anticipation of meeting the US Federal Reserve. Most analysts suggest that the Fed recognizes the uncertain future of the global economy and again promise to show restraint in tightening policy. However, analysts still expect the regulator to raise interest rates in the middle of the year.

Higher prices for precious metals also helps the weak US statistics. Ministry of Commerce announced that orders for durable goods fell last month by 3.4% compared to expectations of 0.5%. The volume of orders for durable goods excluding transportation equipment fell by 0.8% in December against the forecast of + 0.5%. Meanwhile, the volume of new orders for non-defense capital goods in the industry excluding aircrafts fell by 0.6% last month. The volume of deliveries in non-defense capital goods industry excluding aircrafts decreased by 0.2%.

Also, market participants assess the current data from the IMF, to show that Russia in December increased its volume of gold bullion at 20.73 tons to 1,208,23 tons. RF inferior in terms of gold reserves USA, Germany, Italy and France. Russian gold buying volumes in December were the largest since September, when it bought 37 tonnes. It is worth emphasizing, purchase and sale of gold by central banks may have a significant impact on the price of gold. Central banks after two decades of stay in the number of sellers of gold moved in 2010 to the category of its customers amid growing interest in the metal after the global economic crisis of 2008.

Meanwhile, it became known that the stocks of the world's largest gold ETF-secured fund SPDR Gold Trust rose on the results Monday at 0.24 percent, while reaching the level of 743.44 tons.

As for the situation in the physical market, there is a decline in demand: margins in Singapore fell to $ 0,70-1,00 per ounce from $ 1.20 in early January, and margins in Hong Kong - up to 50-70 cents from $ 1 two weeks ago .

The cost of the February gold futures on the COMEX today rose to 1293.40 dollars per ounce.

Market Focus

  • US nonfarm payrolls rise more than expected in July
  • Canada’s merchandise trade deficit widens in June
  • Canada unemployment rate falls to lowest level since October 2008
  • Canada Ivey PMI falls less than expected in July
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