Gold: an overview of the market situation

The price of gold rose today , as yesterday's FOMC meeting minutes showed that the U.S. Federal Reserve intends to continue supporting the U.S. economy. Although officials discussed the strategy of super soft closure of monetary policy , they have made it clear they have no plans to raise interest rates soon .

The dynamics also affect the data provided by the U.S. housing market . It is learned that sales of existing homes rose 1.3% in April to a seasonally adjusted annual rate of up to 4.65 million, the National Association of Realtors said (NAR). This was slightly lower than the 4.71 million forecast by economists. Surge followed the March growth indicator upcoming home sales that normally precede sales in the secondary market for one or two months , and signaled the beginning of a good spring season sales. NAR also reported that the average house price rose by 5.2 % in April to $ 201,700 for the same period a year earlier. The number of homes for sale on the secondary market the United States represents 5.9 months of sales.

Meanwhile, it was reported that the world's largest reserves secured gold exchange-traded fund SPDR Gold Trust on Wednesday fell by 3.3 tonnes to 776.89 tonnes - the minimum volume since December 2008 . This was the highest decline since April 30.

The dynamics also continues to affect the fact that India's central bank on Wednesday to ease restrictions on gold imports , allowing its import of seven more private firms . According to analysts, this is done to saturate the market and lower ">The cost of the June gold futures on the COMEX today rose to a high of $ 1298.00.