The price of gold reached $1305, and then again fell
Today the precious metals markets are growing due to the weakening of the US dollar, with the exception of the adjustment of palladium. On yesterday’s statements by the European Central Bank may begin curtailing stimulus policies by the end of this year. It is expected that the ECB will start to reduce bond buying, which has led to a sharp rise in yields on the bond market in Europe.
In platinum stocks ETF-funds have grown, stocks in the rest of ETF funds, precious metals have not changed.
According to WGC, the combined holdings in the gold ETF funds in may 2018 rose by 4.7% or 116,3 tonnes, bringing the total level of gold reserves in the funds to 2484,2 so, the Main inflow of stocks occurred in European and Asian funds.
While North American funds have increased their reserves by 4.2%, but the largest of them SPDR Gold Shares and iShares Gold Trust has seen an outflow. In Europe, the largest inflow showed the Fund Xtrackers Physical Gold in Asia – Bosera Gold.
Prices on precious metals in Shanghai SGE has grown, the trading volume of gold increased. The Renminbi to US dollar has strengthened again.
Gold imports to India in may 2018 dropped for the fifth consecutive month and amounted to 48 tonnes (in may 2017 the import of gold made up of 119.3 tonnes). Negative impact on gold imports into the country has devaluation of the rupee. The import of silver in India for 4 months in 2018, up 40% over the same period, 2017, exceeding 2 000 t
Gold prices grew to $1305, and then decreased again to $1302. Attempts to push rates down is not yet supported, but probably 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 has increased to level $of 16.76, which remains today. The ratio of gold to silver is 77,52 points. The ratio of platinum to silver is 54,29 points.
The next support levels in silver – $16,54-16,15, resistance $of 17.07-17,20.
Platinum prices recovered to $909 in correlation with the market of gold, then fell to $907. The spread between gold and platinum is $393/oz. The spread between platinum and palladium is $114/oz.
According to the updated GFMS forecast, the deficit in the global platinum market in 2018 will amount to 280 thousand ounces to 53 million ounces in 2017, the Mining of platinum in the world will decrease in 2018 to 2.5% by 2017 and will total 5,773 million ounces, and total supply of platinum will decrease by 1.5% to 7,653 million ounces. Global consumption of platinum in 2018 is expected to reach 7,933 million ounces, which is 1.5% higher than in 2017 the Increase in the deficit of platinum will boost prices for the metal.
The next support levels in platinum – $900-832, resistance levels – $910-935.
The palladium price rose sharply from $986 to $1017 in correlation with the growth in the stock market.
According to the updated GFMS forecast, the deficit in the global palladium market in 2018 will amount to 1,327 million ounces against 1,201 million ounces in 2017, the Extraction of palladium in the world will decrease in 2018 to 1.3 percent by 2017 and amount to 6,653 million ounces, and total supply of palladium will grow by 0.2% to 8,969 million ounces due to an increase in recycling. World palladium consumption in 2018 is expected to reach 10,296 million ounces, which is 1.5% higher than in 2017 the Increase in the deficit of palladium will contribute to maintaining high metal prices.
The next support levels in palladium – $986-958, resistance levels – $1021-1036.
Analyst of commodity markets,