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23.03.2015 16:20

Gold: a review of the market situation

Gold prices consolidated after a three-day rally, but remain near two-week high, as the weak dollar and the Fed's caution on the timing of a possible rise in US interest rates have a negative impact on demand.

Experts point out, despite the fact that last week the outlook for the beginning of the tightening was revised later date, rate hike in June is still not ruled out, so investors have so far refrained from opening large long positions on gold.

Little support prices has concerns about the future of Greece in the eurozone. German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras will hold talks in Berlin today. They will discuss issues related to goszadolzhennostyu Athens and the process of implementation of reforms, as well as the relationship of the new Greek cabinet with creditors.

In focus were also statements of the ECB Draghi, who pointed to the acceleration of economic growth in the eurozone amid falling oil prices, improvements in external demand, easing financial conditions in the current course of monetary policy, as well as the weakening of the euro. According to Draghi, the Central Bank forecasts, which were revised upward, clearly show optimistic regulator. As for inflation, the head of the ECB said that in the coming months, it will remain at low levels or even moved into negative territory. However, by the end of the year growth in consumer prices will begin to accelerate due to the rise in oil prices and the weakening of the euro.

We also learned that in the week ended March 17, hedge funds and money managers again reduced their bullish position on gold and silver futures and options. It is worth emphasizing the decline recorded for the sixth consecutive week.

Meanwhile, the world's largest reserves of the gold-ETF-fund SPDR Gold Trust on Friday fell by 0.72% to 744.4 tons (at least the end of January).

On the physical market, a decline in demand compared to the previous week. Prize for gold in China compared to London was a $ 4- $ 5 per ounce compared to $ 6- $ 7 on Friday.

May futures for gold on the COMEX today rose $ 2 - up to 1187.00 dollars per ounce.

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