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Analytics, News, and Forecasts for CFD Markets: raw news — 30-01-2014.
Oil prices rose today , closer to $ 108 per barrel (Brent), which is a month high as strong frosts in the United States contributed to the growth in demand for oil . However, gains were limited by weak Chinese economic data , as well as the decision of the Federal Reserve to reduce the amount of QE. As the price of crude oil WTI, they rose above $ 98 per barrel.
We add that the report on China showed that the seasonally adjusted manufacturing PMI fell in January to a level of 49.5 points, compared with the initial assessment at the level of 49.6 points and 50.5 points in the previous month. Experts expect that this figure will remain unchanged compared with the original estimate. Reduction in the sector was the first since July , mainly due to the weakness in output and new orders. In addition, data showed that the company has reduced its staff at the fastest pace since March 2009 . On the price front, the average production costs declined at a moderate pace , while sales prices declined in the second month in a row.
With respect to actions by the Fed , some investors believed that the U.S. central bank may refrain from changing their programs , given the turmoil in emerging markets. Reduction in the stimulation strengthened the dollar , which affected the goods in terms of dollars , such as oil .
On the dynamics of trade also affected the U.S. data , which showed that the economy expanded at a solid pace in the fourth quarter as consumers and businesses committed expenditure invested by marking one of the best six-month periods of growth in the last decade .
Gross domestic product, which is the broadest measure of goods and services produced in the economy , rose to a seasonally adjusted annual rate of 3.2% in the fourth quarter , said the Ministry of Commerce on Thursday . Economists had expected in the fourth quarter activity will grow by 3.2%. Overall, in 2013 the economy grew by 1.9%. The last time the economy grew by more than 3 % per annum before the recession , when it reached 3.4% in 2005. In 2012, GDP grew by 2.8%.
March futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 98.41 per barrel on the New York Mercantile Exchange (NYMEX).
March futures price for North Sea Brent crude oil mixture increased by 21 cents to $ 108.02 a barrel on the London exchange ICE Futures Europe.
Gold prices fell by about 1 percent , which was associated with a significant appreciation of the U.S. currency after the U.S. Federal Reserve lowered the volume again its monetary stimulus . Decline in value was also due to the fact that many investors began to take profits the previous session. Recall that yesterday Operations Committee on the Federal Open Market said it will cut bond purchases to $ 65 billion in February from $ 75 billion in January. The Fed also said that the program will continue to reduce purchases of bonds next month , confirming its strategy of rolling this program in small steps during each of the meetings , while the economic situation continues to improve. Add that Fed officials gave a mixed assessment of performance of the economy. On the one hand , the Fed said that data released since the December meeting , "indicate that the growth of economic activity has accelerated in recent quarters ." However, Fed officials called labor market indicators " mixed " , meaning probably disappointing December employment report . They also noted that the recovery in the labor market " has slowed ."
"There is nothing surprising in the fact that the reduction of QE will continue ," said Mitsubishi analyst Jonathan Butler. " Against the background of the absence of any major changes in the macroeconomic situation in the U.S., we continue to believe that by the end of the year , probably , this program will be completed ," the expert added. Recall that the reduction of QE is usually considered negative for gold prices. Gold fell 28 percent last year amid the improving economy and expectations that the Fed will curtail incentives.
Also today it was announced that the gold reserves in the SPDR Gold Trust increased yesterday by 2.10 tons - up to 792.56 thousand tons. But this figure is still close to the five-year minimum.
Little support gold prices provided Chinese purchases that are likely to weaken after the Lunar New Year, which is celebrated on January 31 , analysts say. We also add that the volume of trading on the Shanghai Gold Exchange was at 1.5 tonnes on Thursday , compared with 8.4 tonnes on Wednesday and 14 tonnes on Tuesday .
Cost February gold futures on the COMEX today dropped to $ 1242.10 per ounce.
Gold $1,266.85 +10.02 +0.80%
Oil $97.21 -0.20 -0.21%
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