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10.03.2015 16:20

Gold: a review of the market situation

Gold prices fell today, updating the three-month low, but was later able to recover some lost ground. The pressure on the precious metal has continued strengthening of the US dollar against the backdrop of improving the prospects of an early Fed rate.

Experts note that the Fed is likely to start raising interest rates in the middle of this year. Fears of imminent rate hike in the United States have strengthened after the publication of strong data on unemployment in February. Decreased to 5.5% from 5.7% in January. The number of jobs in the non-agricultural sector grew by 295,000. The analysts predicted a decline in unemployment to 5.6% growth in the number of jobs to 241 thousand.

As investors await the outcome of the Fed meeting to find out whether policies have not abandoned his intention to be "patient" in the timing recovery rates. Recall expectations of interest on loans have a negative impact on the precious metal because it fails to compete with earning assets during the period of rising rates.

The course of trade is also affected by uncertainty about Greece. Today, experts in finance from Greece to start negotiations with the representatives of the EU, the ECB and the IMF on economic reforms in the country to get new loans. "If the debt situation in Greece will not come significant deterioration, pessimistic mood in the gold market is likely to continue, which will reduce its appeal as a safe-haven" - said an analyst at Phillip Futures Howie Lee.

Higher prices for precious metals helps present downturn in the stock markets of Europe. "If the stock markets are in the process of correction, the gold may be one of the main beneficiaries in the short term," - said an analyst at Forex.com Fawad Razakzada. The expert also noted that in respect of gold, much will depend on the activity in the stock markets, which, despite the sale, are a priority among investors due to record low interest rates.

Meanwhile, today it became known that the stocks of the world's largest gold ETF-secured fund SPDR Gold Trust at the end of Monday declined by 0.43% - to the level of 753.04 tons.

April futures price of gold on the COMEX today fell to 1162.30 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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