Gold: an overview of the market situation

Gold prices declined significantly today , while reaching its lowest level since July this year , given the fact that yesterday the Fed announced the decline in bond purchases , as a first step in the rejection of the super soft monetary policy. Note that earlier this policy helped the gold price rise to a record high , and it is up to $ 1,920 per ounce.

The Federal Reserve announced that will gradually collapse quantitative easing program from January 2014. This ministry said after a meeting of the Committee on the open market . The volume of the initial reduction of redemption will be $ 10 billion - to $ 75 billion from $ 85 billion the Fed motivates its decision strengthening the U.S. labor market . Measures to reduce the bond purchases will be taken further if the economic recovery continues.

We add that the expectation that the program will be reduced , the price of gold dropped by more than 25 percent this year , recording the biggest drop in more than 30 years.

The course also influenced today's trading data on the U.S. housing market . As it became known that sales of existing homes fell to the lowest level in nearly a year in November , becoming evidence that higher mortgage rates are forcing buyers wary of making purchases of real estate.

Sales of existing homes fell by 4.3% compared with the previous month to a seasonally adjusted annual rate of 4.90 million , said Thursday the National Association of Realtors. Home sales fell 1.2 % compared with a year earlier, the first time in 29 months, this figure fell compared with the same period last year. Economists had forecast a decline of 2.0% from October to November to an annual rate of 5.04 million .

Meanwhile , another report showed that investors continue to reduce positions in traded on the exchange funds gold. Withdrawal of assets amounted to 800 tons this year . The largest gold fund , SPDR Gold Shares, said Wednesday that its assets decreased by 4.2 tons .

The cost of the December gold futures on the COMEX today dropped to $ 1202.30 per ounce.