The pressure on gold does not stop

06.11.2015
The pressure on gold does not stop

A week of losses taken into account in gold, which is currently trying to stabilize near the bottom eight weeks. This is the largest weekly decline since July as investors position themselves for a possible rise in US interest rates and withdraw money from funds trading gold.

The market currently expects data on employment in the US, which will be published later in the day for an indication of the strength of the economy and whether this would affect the intentions of Fed monetary policy. The spot price is 1107 dollars per ounce and not far from yesterday's low of 1102.35 dollars, which is the lowest value since September 11. Metal depreciated by 3 percent this week, the biggest weekly decline since the week ended 24 July

The assets of the SPDR Gold Trust - the largest fund trading gold in the world, fell to 671.77 tons of gold, which is the lowest level since August. Only vcheta had an outflow of 8.34 tons, which is the biggest daily decline since 17 July

On Wednesday, Fed Chairman Janet Jelena said that an increase in interest rates in December is a real possibility if justified by predstoyashtige economic data. From October meeting Fed is trying to persuade investors to change in December and already manages. Earlier in September, investors believe the Fed will delay the first interest rate rise next year. Gold as an asset not bearing interest is less sought at higher rates.

Strong employment data today would cements expectations for interest rate rise in December. Preliminary estimates of the economists are created in October 180 000 new jobs after average in August and September by 139,000.

Breakthrough levels of $ 1,100 will open doors for the decline, while a rise above 1110 dollars will be technical reversal, or at least the beginning of consolidation.

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