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- 02.03.2015 - Demand for gold in China, supports quotes for the metal
02.03.2015 - Demand for gold in China, supports quotes for the metal
The price of gold showed growth despite the strengthening of the US dollar. It is worth noting that the US GDP growth in the 4th quarter was 2.2%, which is 0.4% less than the previous estimate, but 0.1% better than expected. It should be noted that consumer spending has shown steady growth, but investment, exports and government spending showed deceleration. Today, the growth was supported by the news on the reduction of interest rates of People's Bank of China by 0.25%, which indicates the need to support the second largest economy in the world. Chinese consumers show a growing interest in gold. We expect a positive medium-term outlook for gold in the near future may see an increased demand for gold.
The price of Light Sweet crude oil continues to consolidate around the level of $ 50 per barrel despite analysts' predictions about the likely resumption of growth in oil prices in the second half of 2015. At the moment, oil production in the US continues to grow, despite the reduction in the number of drilling rigs and a reduction of investment in the industry. Rising prices today was supported by the positive statistics on the Chinese PMI, which according to official figures rose to 50.7, which is 0.6 better than analysts' forecasts. We expect a further drop in prices in the near future and in the medium term, with the potential of reaching 45 and 40 dollars per barrel.