Precious metals market review for 02.07.09
By admin at 3 July, 2009, 7:12 pm
Vitaliy Shevchenko, an analyst company UMIS, currency market, the oil sector, non-ferrous metals
Dynamics
On Thursday, at the tender quotes for gold and silver falling under growing U.S. pressure. China's statement once again intervened in the market.
As a result of trades on the COMEX, division New York Commodity Exchange (New York Mercantile Exchange, NYMEX) gold stood at around 931.00 dollars per troy ounce, while silver closed at around 13.40 dollars per ounce.
Causes
Gold retreated in Asian and European sessions. After rapid growth prior to the yellow metal, which is very much hostage to the dollar, was correct, as the U.S. currency played a significant part of the losses incurred the previous day. Its share of negative statements made by Chinese officials who are not very clearly expressed the hope that the American currency will maintain stability.
What to expect?
Despite the weakness in precious metals in recent years, banks have continued to raise their projections on them. Repeated calls to the media that Beijing wants to discuss the establishment of a supra-national reserve currency at the upcoming summit of the Group of Eight, as well as to overcome the level of 940 dollars per troy ounce, where the level of local resistance in the metal, will be a positive signal for further upward dynamics.
What is fear?
In connection with the celebration of Independence Day in the U.S. financial markets will be closed on Friday. This entails a low level and some increased volatility in the foreign exchange market, which could lead to fluctuations in gold quotations.
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