Gold Rises upon Market Uncertainty

Gold Fundamental Analysis March 3, 2015 – Forecast

Gold Fundamental Analysis March 3, 2015 - Forecast
Gold Fundamental Analysis March 3, 2015 - Forecast
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 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

   

 Gold(15 minutes)20150302124519

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

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