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Gold Fundamental Analysis March 3, 2015 – Forecast
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Analysis and Recommendations: Gold continued to climb adding $3.70 today to trade at 1216.80. Gold prices on Monday, rising for the second consecutive
Gold continued to climb adding $3.70 today to trade at 1216.80. Gold prices on Monday, rising for the second consecutive session, supported by increased buying and a firming trend overseas. Traders said increased buying by jewelers and retailers, triggered by wedding season demand and a firming global trend, mainly kept prices of the precious metal higher.
Globally, gold prices advanced to the highest level in almost two weeks, after China announced a second interest-rate cut in three months and the United States reported a slower pace of economic expansion than estimated, traders said.
The price of gold has extended its rally to a fourth straight session so far in today’s trading. Earlier today, bullion managed to reach its highest point in nearly two weeks as China announced a second interest-rate cut in three months and the US reported a slower pace of economic expansion than previously anticipated. Gold may struggle to keep gains if Friday’s U.S. non-farm payrolls data “proves to be exceptional again”, added Lee. Expectations of a U.S. interest rate rise amid an improving economy led by gains in its labour market have weighed on gold prices.
Elsewhere, India will introduce gold deposit accounts to utilize the 20,000 tonnes available within the country and launch a sovereign gold bond, but it kept the import duty at a record 10 percent in a setback for jewelers.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Today’s economic releases actual vs. forecast:
|
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
AUD |
AIG Manufacturing |
45.4 |
|
49.0 |
|
||
|
JPY |
Capital Spending (Q4) |
2.8% |
4.1% |
5.5% |
|
||
|
AUD |
HIA New Home Sales |
1.8% |
|
-1.9% |
|
||
|
AUD |
Gross Operating Profits |
-0.2% |
0.3% |
-0.4% |
|||
|
CNY |
HSBC Manufacturing |
50.7 |
50.1 |
50.1 |
|
||
|
GBP |
Nationwide HPI (YoY) |
5.7% |
6.1% |
6.8% |
|
||
|
GBP |
Nationwide HPI (MoM) |
-0.1% |
0.3% |
0.3% |
|
||
|
EUR |
German Manufacturing |
51.1 |
50.9 |
50.9 |
|
||
|
EUR |
Manufacturing PMI |
51.0 |
51.1 |
51.1 |
|
||
|
GBP |
Manufacturing PMI |
54.1 |
53.4 |
53.1 |
|||
|
EUR |
Core CPI (YoY) |
0.6% |
0.6% |
0.6% |
|
||
|
EUR |
CPI (YoY) (Feb) |
-0.3% |
-0.4% |
-0.6% |
|
||
|
EUR |
Unemployment Rate |
11.2% |
11.4% |
11.3 |
Upcoming Economic Events that you should be monitoring:
Tuesday March 3, 2015
|
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
AUD |
Interest Rate Decision |
|
2.00% |
2.25% |
|
||
|
GBP |
Construction PMI (Feb) |
|
59.0 |
59.1 |
|
||
|
CAD |
GDP (MoM) (Dec) |
|
|
-0.2% |
Government Bond Auctions
Date Time Country
Mar 04 16:30 Sweden Details bond sale on 11 Mar
Mar 05 10:30 Spain Auctions Bonos
Mar 05 11:10 France Auctions OATs
Mar 05 17:00 US Announces 3/10 year Notes, plus 30-yr Bond
About the Author
Barry Normanauthor
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