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12.02.2015 16:20

Gold: a review of the market situation

Gold prices rose slightly, but remained near five-week low, helped by depreciation of the dollar, and increased uncertainty regarding the Greek debt. It is learned that the negotiations between Greece and the European Union representatives were unsuccessful, although both sides stressed that the hope for the adoption of the agreement is maintained. The next round of talks scheduled for next Monday .. The term of this agreement for the provision of economic aid to Greece will expire on February 28, and the new Greek government does not want to renew it,

Also affected the course of trading posts by the Bank of Sweden, which cut its key repo rate from 0 to -0.1% and announced the purchase of government bonds with maturity of up to five years to 10 billion kronor ($ 1.2 billion). Central Bank went on these measures and "ready to do more as soon as possible" to bring inflation to the target value, said in a statement. It is 2%, and central bankers are hoping that this will happen in the second half of 2016. However, in December, consumer prices have declined at an annual rate of 0.3%. Bank of Sweden was the first central bank has set a negative repo rate. Earlier, the European Central Bank and the central banks of Denmark and Switzerland have set negative interest rates on deposits for commercial banks. Moreover, the Danish Central Bank for three weeks reduced the rate of four times and did not do it for the acceleration of inflation, and to protect the crown pegged to the euro

Market participants also drew attention to US data showing that initial applications for unemployment benefits rose by 25,000 and reached a seasonally adjusted 304,000 in the week ended Feb. 7. Economists had expected 278,000 new claims. Splash of winter weather in the north-east, may have contributed to the growth of applications for unemployment benefits. Treatment for a week to 31 January were revised to increase by 1000 to 279 000. The four-week moving average of initial claims, which smooths out volatility in the weekly data, fell by 3,250 to 289,750 last week. The report also showed that the number of people re-apply for unemployment benefits fell by 51,000 to 2.35 million in the week ended Jan. 31.

Meanwhile, the price of gold has influenced the report from the World Gold Council (WGC), which stated that the results of 2014, global demand for gold (in physical terms) decreased by 4%, reaching at this 3 thousand. 923.7 tons . Meanwhile, in monetary terms, demand fell by 14% - to $ 159.754 billion. In the WGC reported that the main component of demand remain jewelry. In 2014, their consumption was 2 thousand. 152.9 tons. We also learned that the investment demand for gold has increased by 2% in 2014 and amounted to 904.6 tons. Purchases of gold coins and bullion fell by 40% to 1 thousand. 63.6 tons, but the outflow of gold exchange-traded funds has decreased by 5.5 times to 159.1 tons.

March futures price of gold on the COMEX today rose $ 2 to 1221.00 dollars per ounce.

Market Focus

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