Gold prices declined significantly today

The value of gold has fallen significantly, retreating from a 13-month high, driven by increased risk appetite on the background stock indexes and oil growth. In the course of trading and continue to influence the outcome of yesterday's meeting of the European Central Bank.

Recall, according to the results of the March meeting of the ECB will increase its asset purchase program and three lowered interest rates. However, the head of the Central Bank Draghi stated that he sees no need for a further reduction in interest rates. In general, market participants interpreted the statement as a hint that the ECB has a limited number of instruments of monetary policy.

Yesterday the price of the precious metal rose by 1.5 percent, registering the biggest gain in a week session. Since the beginning of the year gold increased in price by about 20 percent, mainly due to an increase in demand for safe-haven assets after the amplification of fears of slowing global economy. The relatively weak dollar and revaluation expectations of higher interest rates the Fed also supported the growth of gold this year.

In the near future, the focus of investors will be focused on the Fed meeting, which will take place on 15-16 March. average chance of market values ​​in increasing rate 0% in March, April - 20%, in June - 46%, in July - 52%. If the Fed will leave rates unchanged next week, gold could suffer from a short-term renewal of risk appetite, an analyst at ETF Securities, Martin Arnold. "In the long term, gold is likely to remain above $ 1200, in the neighborhood of $ 1,250, while the $ 1,300 mark is a strong resistance level," - said Arnold.

In addition, it became known that the gold reserves in the largest investment fund SPDR Gold Trust rose yesterday to 25.68 million. Oz (the highest rate since August 2014).

Physical demand for gold from the largest consumer - China - slowed down this week. Demand for gold in India - the second largest consumer - as extinct on the background of the protests against the imposition of tax jewelers.

April futures price of gold on COMEX today fell to $ 1258.50 per ounce.