Gold: an overview of the market situation

Gold futures traded lower, due to the release of today's U.S. data . In addition, we add that many traders continue to monitor the progress of budget negotiations in the United States . Note that in a recent letter to House Speaker John Boehner , the Minister of Finance of the United States Lew warned that if Congress does not raise the debt ceiling , the budget of the country can be badly hit , he even named the exact date when the money runs out - on October 17. The ceiling is currently set at 16.7 trillion . U.S. .

Date announced by the probability of default for the first time , before, according to the calculations of economists , the likely starting date of the budgetary problems ranged from October 18 to November 5. Says Jacob Lew , the Treasury Department is now taking "extraordinary measures" to ensure that the budget was enough as long as possible , it is quite likely delay receipt of funds in the budget organizations , including the payment would be deferred to the pension fund. Liu stressed that one can not give priority to any kind of payments from the budget, because even just the question of the order of payment will appear as "default , only named differently ."

As for the news in the U.S. , here is to provide a report on the GDP and the number of applications for unemployment benefits . As it became known , the gross domestic product , the broadest measure of all goods and services produced in the economy, rose by a seasonally adjusted 2.5 % in the second quarter , in line with the preliminary value , voiced in the past month. Economists forecast that the revised second quarter growth rate of 2.7%.

Meanwhile, another report , which was submitted to the Department of Labor showed that the number of Americans applying for first time unemployment benefits remained near six-year low last week , indicating that the improvement in the employment situation , although in recent years the data have been distorted violations in the financial statements . Initial jobless claims , the rate of layoffs, fell by a seasonally adjusted 5,000 to 305,000 in the week ended Sept. 21. Value was lower than the forecast of economists in 319,000 new claims . The Ministry of Labour has revised slightly upwards the number of complaints in the previous week to 310,000 from 309,000 .

The cost of the October gold futures on COMEX today dropped to $ 1325.40 per ounce.