Gold: an overview of the market situation

Gold prices rose sharply, while restoring all early losses , after mixed U.S. economic data , but remained near 5 -month low on uncertainty about when the Fed will begin to reduce the amount of their stimulus measures . Gold is under pressure as the markets believe that the improvement in the economic situation may prompt the Fed to reduce the amount of monthly purchases of bonds in December. Investors understand that the central bank will start reducing at some point , but the timing is questionable.

Noticeable influence on the bidding had U.S. data , which showed that private sector employment increased by 215,000 jobs from October to November . According to the report , employment in producers increased by 40,000 jobs in November , compared to 29,000 in October.

Construction sector and manufacturing industry added 18,000 jobs each . Growth in the industry was the largest since 2012 .

In the service sector added 176,000 jobs in November , compared with 156,000 in October - it was the biggest growth in the services sector in the year. Among the service industries sector trade, transport and utilities sector added the most jobs of 45,000 per month . Employment in business services increased by 38,000 , while the financial sector added 5,000 jobs .

Now market participants' attention shifted to tomorrow's U.S. GDP data and Friday's Change in Nonfarm Payrolls . They can be crucial for a decision regarding the QE at the next FOMC meeting , which is scheduled for December 17-18 .

Meanwhile, it became known today that stocks in SPDR Gold Trust fell by 1.80 tonnes on Tuesday - to the level of 841.41 tons , the lowest level since early 2009 .

The cost of the December gold futures on the COMEX today rose to $ 1227.20 per ounce.