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10.02.2015 16:20

Gold: a review of the market situation

Gold prices declined moderately today, approaching at the same time to a minimum on Friday. The growth of the precious metal was limited increase US bond yields, and the fall - the situation in Greece and Ukraine.

Experts note that the probability of a Greek exit from the eurozone has improved, as Prime Minister Alexis Tsipras has taken a tough stance against foreign debt, saying that Greece will not extend the loan program for the current environment. But European Commission President Jean-Claude Juncker said that the euro zone will not meet these requirements.

"Given the lingering concerns over Greece, as well as the crisis in Ukraine, gold should find support in the near future to hold above $ 1,225," - said a trader at MKS Group Jason Cherizola.

The rise in price of gold is also constrained amid growing opportunities early rate hike by the Federal Reserve after a positive employment report in the United States, released last week, has forced investors to reconsider the expectations of the first rate rise in June.

"With the strengthening of the US dollar should not expect a significant increase in the price of gold in dollar terms, but in terms of the euro is likely we will see a rise in price due to increased purchases of coins and bullion," - said Carsten Fritsch analyst at Commerzbank.

Had little impact as US data. It is learned that in December wholesale inventories rose by only 0.1%, while sales declined by 0.4%. Inventories of durable goods rose 0.8%, stocks of cars gained 0.3%, while stocks non-durable goods rose by 0.7%. Sales of durable goods increased 0.2% (cars + 0.4%), while sales of non-durable goods fell by 1.7%. The ratio of inventories to sales was 1.22 versus 1.21 in November and 1.16 a year ago.

As for the situation in the physical market, the margins in China have not changed, but remained in the range of $ 2.50-3.50. This indicates that increasing the demand for lower levels.

March futures price of gold on the COMEX today fell to 1236.00 dollars per ounce.

Market Focus

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