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13.02.2015 16:20

Gold: a review of the market situation

Gold prices rose moderately, updating the two-day maximum, which was associated with the weakening of the dollar after the publication of weak statistics. Strengthening gold restrained positive dynamics of US stock market.

Preliminary results presented Thomson-Reuters and the Institute of Michigan, showed that in February, US consumers are more pessimistic about the economy than last month. According to published data, in February preliminary consumer sentiment index was 93.6 points compared with the final reading for January at around 98.1 points. The median estimate of experts, this index was slightly increase - to 98.2 points.

Price increases also helps profit on short positions in anticipation of the new year according to the lunar calendar. This holiday will be celebrated next week, and many traders are on vacation. At the same time, some analysts expect further short covering.

"After the new year according to the lunar calendar, perhaps a new fall in prices. Tensions eased around Ukraine, and hopes to resolve Greece's debt crisis may reduce support for gold as a safe-haven for" - says Howie Lee, an investment analyst at Phillip Futures.

Meanwhile, market sentiment remained depressed after talks 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 expire on February 28, and the new Greek government does not want to renew, reinforcing fears that the conflict with the international lenders will exit from the eurozone countries.

We also learned that the world's largest reserves of the gold-Fund ETF SPDR Gold Trust yesterday fell 0.23 percent to 771.51 tons.

On the physical market demand from Chinese buyers remained stable. Premium on the Shanghai Gold Exchange have not changed today, remaining in the range of $ 3- $ 4 per ounce.

March futures price of gold on the COMEX today rose $ 6.11 to 1231.70 dollars per ounce.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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