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Gold: an overview of the market situation
Gold prices declined moderately today, departing from the four-week high as investors started to close their positions after yesterday's employment report, which was weaker than expected. Recall that on Tuesday, the price of the precious metal rose nearly 2%, reaching the highest level since Sept. 20, while the dollar fell to 8-month low against the data, reinforcing investors' expectations that the Fed will keep the amount of incentive program unchanged until next year.
"Yesterday's growth plays out very quickly, which is another sign that growth is indeed seen as an opportunity to sell, and people do not expect higher prices," said an analyst at ABN Amro Georgette Boulay. "People are selling because they are not too confident about the prospects, but they know that sooner or later, the U.S. economy will get better and the dollar is likely to grow, so this is a temporary phenomenon."
Data presented today also showed that stocks of the world's largest exchange-traded fund backed by gold SPDR Gold Shares on Tuesday rose by more than 6 tons, the biggest daily rise in two months. Recall that on Monday the fund holdings declined by more than 10 tons.
The cost of the December gold futures on COMEX today dropped to $ 1334.10 per ounce.
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