Weekly gold market review. 04.03.15
As it was mentioned, in the first half of February the prices of gold, and also of other precious metals decreased. Experts believe this decrease is related to the reduction of demand for physical metals, in particular platinoids. Nevertheless, the demand for investment gold and silver grew.
The demand from the Central banks was mentioned as one of the factors supporting gold prices. The amount of the gold purchased in 2014 was 16% higher than in 2013.
In the end of the month, the markets of precious metals grew due to the speech of the head of FRS, Janet Yellen. The current chair declared the Federal Reserve plans an increase of the interest rate. This statement negatively affected the dollar rate, and in turn supported the prices of precious metals. The prices of gold continued to grow under the influence of this factor on February 25 and 26.
According to the results of 2 March, gold continued to strengthen its positions, despite the growth of dollar rate. According to experts gold will keep growing, being the most rapid growth expected in June, 2015.
Moreover, the well-known analyst of the market of precious metals, Joe Foster expressed his opinion on gold prospects in 2015. Mr. Foster is the head of investments department in Van Eck International Investors Gold Fund – a company connected with gold. His articles are often published in the Wall Street Journal and appears in channels such as CNBC and Bloomberg TV; ordinary people and experts take his opinion into account all around the world.
What does Joe Foster note as favorable factors for an increase in gold prices?
1) It is predicted that there will be a crisis in gold mining worldwide that will affect the prices of gold in the long term.
2) The weakening of the economic situation in the United States can positively be reflected in prices of gold in medium-term prospect
3) Investors from Asian countries create favorable conditions for the growth of gold value, buying gold to preserve the capital.
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Category: Gold news Publication date: 2015-03-04 13:28
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