The cost of precious metals on the basis of trading on October 1 in New York mainly grown. Spot prices were: Gold – $ 1214 per ounce (0.36%), silver – $ 17.28 per ounce (1.21%), platinum – $ 1286 per ounce (-1.39%), Palladium – $ 780 per ounce (0.78%).
Gold prices this week reached a level of $ 1,200 an ounce – its lowest level since the beginning of the year. The reason for the decrease in the price of gold has been a significant strengthening of the dollar, after the publication of data that pivotal inflation in the euro area in September unexpectedly fell to 0.7%, increasing the likelihood of regional program of quantitative easing. Against this background, the euro / dollar for the first time in two years fell below $ 1.26. Followed by gold under a lot of pressure put and other precious metals. Silver has lost 3%, for the first time since March 2010 dropped below $ 17 per ounce and palladium fell by more than 2% – to about $ 770 per ounce, the lowest level in almost six months. Platinum prices though and showed slightly better dynamics, this week still “go” on a five-year minimum of $ 1,280 per ounce.
Taking into account the fact that the contributions to ETF-funds in the past few days have demonstrated relative stability, pressure on prices exerted primarily futures market. Until recently, the number of net long positions in platinum and especially palladium remained on high, but in recent years, likely to be significantly reduced. The technical picture deteriorated significantly, which in the short term may result in continued sales, analysts Commerzbank.
The price of gold reached a minimum level since January against the background of continuing growth in the dollar in pairs with other currencies. In the end, gold is still found support from the renewed tendency to minimize the risks that caused the lower stock price and bond yields. Reports that Iraq has received intelligence from credible information about planned militants “LIH” terrorist attacks in the subway in Paris and in the United States, stimulated by shopping at the market, where in the past few weeks came the rapid accumulation of short positions, the strategy and director of exchange-traded products brokerage company Saxo Bank Ole slot Hansen.
The low interest in buying gold as evidenced by total investments in exchange-traded products backed by physical gold (ETF). Such investments are reduced to a minimum value of five years after the August volumes decreased by 41.6 tons. At the same time, the main active force remains the dollar – the price of gold in euros reached a two-week summit. In the short term, a combination of factors such as the decline in the stock market and the rising cost of bonds, can support the correction to the first level of resistance at $ 1,251 an ounce, but then sellers will likely again otvoyuyut position.
One of the sources of support in the coming months could be a referendum on the gold in Switzerland, scheduled for November 30th. An affirmative answer would mean that the Swiss National Bank will have to ensure that gold is not less than 20% of the assets, he will refuse to sell any part of their gold reserves, and will be obliged to keep all the gold in Switzerland. Win gold in foreign exchange reserves Switzerland decreased from 30% in 2000 to 8% today. In the case of a positive decision on the referendum over the next three years, the Central Bank of Switzerland will have to purchase a significant amount of gold. So far, most of the deputies of the Swiss parliament rejected this initiative, as it will limit the possibility of the central bank’s monetary policy.
On Thursday, October 2 at 8:00 MSK gold futures stood at $ 1219.78 per ounce (0.35%), silver – $ 16.29 per ounce (0.15%), platinum – $ 1291.36 per ounce (0.35%), Palladium – $ 786.30 per ounce (0.22%).