The price of gold on world markets recovered to the level of $1327 per ounce
The precious metals markets today are growing up under the influence of the weakening of the U.S. dollar. Palladium prices are declining in correlation with the fall in the stock market. Stocks in the silver ETF-funds fell slightly, stocks in other funds of precious metals has not changed.
Gold prices in Shanghai SGE has grown, the cost of silver and platinum was lower, trading volumes have grown, yuan to the US dollar strengthened.
According to the China Gold Association, gold production in China in 2017, amounted to 426 tonnes, a decrease of 6% by 2016, the Demand for gold increased by 9.4% to 2016 and amounted to 1089 tons. Momentum trading on the SGE increased by 11.5% and amounted to 54.3 MT.
Jewelers of India in February had begun to replenish the gold reserves for the spring festivals that have increased gold imports in February 2018 import Growth contributed to the weakening of the rupee and the decline in world gold prices.
Gold prices recovered towards $1327 under the influence of a small depreciation of the U.S. dollar and the growth of uncertainty in the economy because of the unfolding trade wars. Physical demand from India is starting to support prices.
The nearest support levels in gold are $1305-1285, resistance levels – $1343-1365.
Silver prices in correlation with the market of gold decreased to $16,16, and then recovered to the $accounting period 16.57. The ratio of gold to silver is 80,08 point. The ratio of platinum to silver is 5832 points.
The next support levels in silver – $16,10-of 15.75, the resistance levels – $16,62-16,70.
The price of platinum in correlation to gold market after a decline to $956 recovered to the level of $968. The spread between gold and platinum is $360/ounce. The spread between platinum and palladium has widened to -$29,5/oz.
The next support levels in platinum – $956-949, resistance levels – $986-1001.
The palladium market has decreased to $969 in correlation with the weakness in the stock market, after which prices recovered to the level of $980.
The next support levels in palladium – $969-957, resistance levels – $987-1001.
Analyst of commodity markets,