07.03.2016 16:21 Gold prices rose modestly today
Gold moderately increased in price today, returning to 13-month high, which was associated with the fall of the global stock and decrease the chances of increase in the Fed's interest rate.
Although Friday's US data showed that employment in the non-agricultural sector increased by a significant 242 thousand., Drop the average wage may mean that the Fed is in no hurry to raise interest rates. Recall, low interest rates encourage investors to invest in interest-free and safe assets such as gold.
"Until now, the gold rally was based on a reassessment of the terms increase of FRS rate. Now the market believes that the rate hike will be delayed for some time, in contrast to the expectations at the beginning of the year, the Fed may again raise rates in March," said an analyst at Danske Bank Jens Pedersen. This year, gold has jumped in price by almost 18%, as investors turned to the shelter in the conditions of increased volatility in the financial markets.
In the course of trading is also affected by expectations of Fed speeches. At 18:00 GMT US Deputy Treasury Leil Brainard will speak at the conference of the Institute of international banking business with a speech entitled "Economic Perspectives, liquidity and stability." In addition, Fed Vice Chair Stanley Fischer will deliver a speech entitled "Reflections on Macroeconomics: Then and Now" at the conference of the National Association of the economy and businesses.
Inflows into exchange-traded funds (ETFs) fell slightly on Friday, but remained at a level of multi-year highs. Gold reserves in the largest investment fund SPDR Gold Trust reached 793.1 tons, the highest since September 2014.
Meanwhile, the Commodity Futures Trading Commission said: this week on March 1 hedge funds and money managers cut their bullish bets on gold, which was recorded for the first time since mid-January.
Gold futures for April delivery rose to $1241,40 per ounce.