Acceleration of GDP growth cooled the gold

Acceleration of GDP growth cooled the gold

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The cost of precious metals on the basis of trading on August 11 in New York City has changed in different directions. Spot prices were: Gold – 1308.9 USD. / Oz (-0.1%), silver – 20.11 dollars. / Ounce (0.48%), platinum – 1474.0 USD. / Oz (- 0.48%), palladium – 879.0 USD. / ounce (1.75%).As stated the head of macroeconomic policies brokerage Saxo Bank Mads Kofoyd, gold lost its some of its appeal in the II quarter, while in July, prices continued to fall, losing another 3.4%. Silver also came under pressure, down by 3%. In August, prices consolidated on news from the United States: the largest economy in the world published the unexpectedly high rates of GDP growth, strengthening the favorable impression of China’s GDP data for the II quarter, which also were better than expected. The American economy is in the II quarter increased by 4% (qoq), the Chinese economy has been growing twice as fast.

“Our forecast is to accelerate the growth of the American – and global – economy, implies an increase in the yield on government bonds in the United States, despite the fact that at the moment it is lower than at the beginning of the year. Federal Open Market Committee (FOMC) will continue to phase out its program of quantitative mitigate and complete it in October – the last reduction to $ 15 billion. Fed keeps repeating that rates will not rise immediately after the end of QE, but the positive data about the economy of the United States, in particular, the labor market, indicate a high probability of increase in the first half of 2015. Moreover, optimistic report on GDP in the II quarter suggests that the fall in the I quarter was temporary. Personal spending rose more than expected, government spending also increased. Moreover, the growth of exports and imports indicates an increase in the volume of world trade, “- said the expert.

Tuesday at 8:00 MSK gold futures stood at 1,307.26 dollars. / Ounce (-0.25%), silver – 20.01 dollars. / Ounce (-0.47%), platinum – 1469.5 USD. / ounce (-0.14%), palladium – 873.55 USD. / ounce (-0.13%).

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