Gold is declining under pressure from a stronger dollar
Today markets gold and platinum are slightly reduced, the markets of silver and palladium are growing, the exchange rate of the U.S. dollar weakens, the stock market grows.
On Friday released strong statistics on the labor market in the US, which strengthened the confidence of investors in the interest rate increase by the fed at the June meeting, which is scheduled for next week. In addition, the expected rate hike in September and December 2018, While the fed still appreciate the level of inflation as “low”.
Stocks in gold ETF-funds fell, stocks in the rest of ETF funds, precious metals have not changed.
Prices on precious metals in Shanghai SGE decreased trading volumes low. The Renminbi to U.S. dollar weakened. Award for delivery of gold in China last week dropped to $4-5/oz. Premiums for gold in Hong Kong remained at level of $0,6-1,3/oz in Singapore edged up to $0.6/oz. In Tokyo, gold was trading at parity with London.
The demand for gold in most Asian centres last week, remained sluggish and prices remained in a narrow range, while the unfavorable period for the purchase of gold in India exacerbates the difficult market situation. Discounts in India was $4/oz last week.
In the next two weeks in India Adhik Maas – extra month in the Hindu calendar, which ends on June 13, and which is considered adverse to make purchases and perform weddings.
Gold production in Ghana in 2017, increased by 10.2% by 2016, to 2,805 million ounces.
Gold prices were down to $1290, after which grew to $1298. Most likely before the June meeting of the U.S. Federal reserve, gold prices will remain under pressure.
The nearest support levels in gold are $1290-1280, resistance levels – $1306-1320.
Silver prices in correlation with the market of gold decreased to $16,36, and then grew to the level $of 16.51. The ratio of gold to silver is 78,85 points. The ratio of platinum to silver is 54,90 points.
The next support levels in silver – $16,36-of 16.15, resistances at $16,60-of 17.07.
Platinum prices fell to $901 in correlation with the gold market, and then grew a little. The spread between gold and platinum is +$393,5/oz. The spread between platinum and palladium has widened to $100/oz.
The next support levels in platinum – $900-878, the resistance levels of $915-935.
The palladium price has increased from $979 to $1001 in correlation with the dynamics of the US stock market.
The next support levels in palladium – $980-958, resistance levels – $1003-1021.
Analyst of commodity markets,