The price of gold increased amid the political uncertainty in the world

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The precious metals markets today are growing up under the influence of the weakening U.S. dollar and declining background market. The change of parties in the political field of the US and the trade policy change increases the uncertainty in the market, creating a demand for precious metals. Stocks in the silver ETF-funds have grown, stocks in the rest of ETF funds, precious metals have not changed. Prices on precious metals in Shanghai on the SGE fell, trading volumes in gold has increased, the rate of the yuan to the U.S. dollar weakened. According to the Central Bank of the Russian Federation, gold reserves in international reserves as of February 1, 2018 reached 1857 tonnes and accounted for 18% of total reserves.
According Borsa Istanbul, gold imports into Turkey in January of 2018, totaled 44,47 tons, in February 2018 – 16,03 tons. Gold imports in Turkey in 2017 amounted to 370 tons, against 106,1 tons in 2016, the Jewellery industry of Turkey started to grow rapidly after the introduction of the tax in the Gulf countries, and also in connection with growing instability in Iraq and Syria.
Gold production in South Africa in January 2018 declined by 7.7% yoy compared with a decline of 12.5% in December 2017 January 2018 the production of platinum group metals declined by 13.6% yoy against a decline of 0.5% in December 2017.
Gold prices declined to $1314, and then slightly recovered. Market consolidation continues near the level of $1300 aktiviziruyutsya purchase. The insurance function of the metal is in great demand, especially in conditions of growing inflation. The nearest support levels in gold are $1314-1285, resistance levels – $1343-1365.
Silver prices in correlation with the market of gold decreased to $16,66, and then fell to the level $of 16.37, and then grew to $16.4. The ratio of gold to silver is 80.28 points. The ratio of platinum to silver is 58,21 points. The next support levels in silver – $of 16.37-16,10, resistance $accounting period 16.57-17,0.
The price of platinum in correlation with the market of gold decreased to $953 and then recovered to $957. Fundamentally, the platinum market remains weak. The spread between gold and platinum is $361/oz. The spread between platinum and palladium is$32,2/oz.
The next support levels in platinum – $953-949, resistance levels – $970-998.
The palladium market after a decline to a level of $978 has recovered to the level of $982. The stock market’s weakness and overbought have a negative impact on prices.
The next support levels in palladium – $966-939, resistance levels at $990-1020.
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Oksana Lukicheva
Analyst of commodity markets,
“Opening Broker”