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25.03.2015 16:20

Gold: a review of the market situation

Gold prices rose today, while closer to the level of $ 1,200 an ounce, as upbeat data on Germany and the weak performance of the US contributed to the strengthening of the euro against the US dollar. It is worth emphasizing the precious metal more expensive the sixth day in a row, showing the longest period of increase since August 2012.

The dollar index, showing the relationship of the US dollar against a basket of major currencies, fell 0.48% to 96.96. The index has fallen by almost 4% with a 12-year high of 100.78 reached on March 13, amid expectations that US interest rates will continue to grow at a slower pace than previously expected.

Today, the US Commerce Department said that orders for durable goods fell by a seasonally adjusted 1.4% in February compared with a month earlier, said Wednesday. Except for the volatile transportation sector, orders fell 0.4%, noting a decrease for the fifth month in a row. Economists had expected overall orders increase by 0.2%. Most of the reduction in the last month was associated with a fall transfer orders, in particular, military and civil aviation. But demand has fallen in many other industries. Orders for January was weaker than previously thought. Orders rose by 2% instead of originally reported growth of 2.8%, while orders excluding transportation in the same month fell instead of a slight increase, which originally reported. Meanwhile, a key indicator of business investment continued to fall last month - orders for non-military capital goods excluding aircraft decreased by 1.4% since January.

Also today, analysts Bank of America Merrill Lynch, that the fall of the US dollar may raise the price of gold to $ 1,300 an ounce. "As the dollar adjusted downwards, and the US bond market becomes a" bullish ", gold should rise in price," - experts say. The agency also gives the results of surveys of investors by ETF Securities. Most of them believe that gold will trade in the range of $ 1250-1400 per ounce. The survey results also showed that the precious metals remain a popular investment class in 2015. About 40% of London investors are convinced that the cost of precious metals is still far from the peak.

It is worth noting that in recent days, investors are showing increased interest in gold due to the depreciation of the dollar after the publication of the Fed statement last Wednesday. The statement and the comments from Fed Chairman Janet Yellen led investors to assume that the central bank may not raise interest rates in June, as predicted by many analysts. Yet some analysts argue that quotes can meet with obstacles in a pinch.

May futures for gold on the COMEX today rose by $ 5.9 - up to 1197.60 dollars per ounce.

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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