Dynamics

On Tuesday 14 July at the bid price of precious metals resumed their upward movement. Improvement was due to easing fears of deepening deflation in the United States, which contributed to the growth in June retail sales in the country at 0.6% and increasing to 1.8% in producer prices. However, later buying dried up and trading in metals closed almost at the same level as the previous day.

As a result of trades on the COMEX, division New York commodity exchange (NYMEX) gold stood at around 922.80 dollars per troy ounce, while silver closed at around 12.85 dollars per ounce.

Causes

presented on Tuesday the data have supported the gold, because it is often bought to hedge against rising prices. The weakening of the dollar, after the publication of evidence that the U.S. budget deficit for the first time in history exceeded $ 1 trillion. dollars in the current fiscal year, also helped reduce pressure on gold. Prices have continued to stay within the channel formed daily. From the news it may be noted that India plans to increase duty on import of gold and silver. Import duty on gold increased by Rs 100 per 10 g of gold to 200 rupees. Import duty on silver also doubled - from 500 rupees /kg to 1000 Rs /kg. Domestic consumption in India, the world's largest consumer of gold, in the first half of 2009 has decreased by 50% and, according to the expectations of Association, be reduced by another 25% before the end of the year.

What to expect?

Prices for copper, which belongs to the industrial metals, included in the ascending phase of the movement, which in turn can be dragged to a quotation on the silver top. All of this is due to purchase, based on technical factors that contribute to the growth of stock indices.

What is fear?

At the moment, demand for gold in the precious metals market remains quite weak. Reserves largest mutual funds, investing in gold, SPDR Gold Trust remained unchanged at 1109.81 metric tons. Also worth noting that imports of gold in India fell in the first half to 63.8 tons from 139 tons in the same period a year earlier. However, the weakness of imports can be justified on the grounds that in these months, gold sold for a higher price, and the summer season is traditionally a season of low purchasing activity for the yellow metal.

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