Dynamics
Tuesday, Sept. 29 during mixed trading quotes on gold and silver closed nearly unchanged in comparison with the closing of the previous trading day due to countervailing trades against the U.S. dollar in the foreign exchange market, FOREX, as well as on the background of negative sentiment on the neighboring markets, and stock exchanges.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX) quotes gold futures rose by 0.30 to 994.40 dollars per ounce, quotes, silver futures fell 1 cent to 16.18 dollars per ounce.
Causes
Tuesday, September 29 quotes for precious metals market in conditions of low trading volume closed nearly unchanged in comparison with the closing of the previous trading day due to countervailing trades against the U.S. dollar in the foreign exchange market, FOREX, as well as on the background of negative sentiment in neighboring markets namely, lower prices for crude oil market, and stock exchanges - stock index up trades decreased slightly since Dow Jones industrial average was 9742.20 (-47.16), Nasdaq Composite - 2124.04 (-6.70), SP 500 - 1060.61 (-2.37) . The main factor of support for gold as a tool for protection against inflation was the rise in housing prices in the U.S., which some market participants interpreted as a hint of inflation. Report of Case-Shiller testified to the growth in housing prices in the U.S. in July, compared with the previous month.
From the news, you can mark the message of the operating company Azerbaijan International Mining Company, which develops Gadabay gold on deposit in the west, that Azerbaijan is the first time began to export gold to world markets through the European Exchange. The first batch of gold worth 977 dollars per ounce shipped to world markets through the European exchanges. Exports will begin with the 1200-2000 volume ounces (34-56 kg.) Gold under the brand Ayrim, and the end of 2009 may reach 65000 million ounces (more than 2,0 tons). In 2010, the volume reaches 75000 thousand ounces (2.1 tons), a few years later - 100000 thousand ounces (2.8 tonnes). Total reserves of the deposit Gadabay up 22 tons of gold, 192 tons of silver and 37,000 tonnes of copper.
What to expect?
a positive factor in the gold market appears technical picture, namely the fact that prices have made a breakthrough upwards, formed on Monday from the side range. Thus the main driving factor is the economic data for the United States.
Why worry?
negative factor in the gold market situation appears to neighboring markets and stock exchanges, namely, that they demonstrate the negative dynamics that could trigger a correction in prices for precious metals market - a further reduction of long positions so that we can test to see stronger levels of support.
Tomorrow on our site will start qualifying round of the tournament Finam-Intelligence Energy, World Stock Market, Currency, Weather …
Better the market traded securities of Norilsk Nickel, Polyus Gold and Uralsvyazinform
At 16.00 Moscow time the price index value RGBI was 119.34, compared with the closing on Tuesday, it rose by 0.336%
Net profit of Bank of Moscow IFRS for 1 half of 2009 totaled 650 million rubles
Happy Wednesday all, without exception, the major industrial metals traded at a higher cost
Index of the Frankfurt Stock Exchange Ksetra DAX (Xetra DAX) is at level 5720.88
Monopolist awaits verdict
Crisis burned petrodollars
Analytics - the outcome of the day