{"id":36885,"date":"2012-05-14T11:35:10","date_gmt":"2012-05-14T11:35:10","guid":{"rendered":"https:\/\/armbanks.am\/2012\/05\/14\/235509\/"},"modified":"2024-12-15T12:57:16","modified_gmt":"2024-12-15T12:57:16","slug":"metal-market-gold-and-copper-prices-fall-as-euro-zones-economic-outlook-worsens","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2012\/05\/14\/36885\/","title":{"rendered":"Metal market: Gold and copper prices fall as euro zone\u2019s economic outlook worsens"},"content":{"rendered":"

YEREVAN, May 14. \/ARKA\/<\/strong>. The results of elections in France and Greece pushed gold prices to go down last week. The constituents of these countries voted against austerity measures unleashing concerns related to euro zone\u2019s budget consolidation plan implementation and decreasing attractiveness of the European currency.<\/p>\n

Gold prices reached a new four-month minimal benchmark of 1,573.71 USD per troy ounce due to U.S. dollar\u2019s appreciation. The tumble in prices is also caused by the speculations on Greece\u2019s possible withdrawal from the euro zone as it failed to assemble a coalition government.
\nMeanwhile, the situation with government bonds raised a risk of euro zone\u2019s failure to deal with its debts.<\/p>\n

On May 10, Thursday, gold quotes reported stability trying to recover the losses. However, the prices dropped at the end of the week after China published weak data on industrial production and retail sales, as well as ongoing political unrest in Greece.<\/p>\n

As a result, gold prices dropped by 3.82% to 1,579.30 USD per troy ounce.
\n\"\"
\nMacroeconomic data from the USA and the euro zone will be published this week, which is likely to influence the investors\u2019 sentiments. Of American news we should highlight data on industrial production, consumer inflation and numbers from housing market in April, as well as protocol publication from the last U.S. Federal Reserve\u2019s session, April 24-25. The expected moderately positive statistics from the overseas may support the gold quotes. Gold prices\u2019 resistance level will be 1,615.0 USD per troy ounce this week.
\nOf European news we should focus on consumer inflation in April and ZEW\u2019s publication on German business sentiments index in May, as well as preliminary GDP figures in the euro zone for the first quarter. The expected weak economic statistics from the region will press gold prices. Supporting benchmark for the gold will be 1,550.0 USD per troy ounce.
\nThe cost of copper in the futures market last week fell by 2,12% to 3,6390 U.S. dollars per pound on concerns of investors about the worsening economic outlook in Greece and the euro zone as a whole. China\u2019s weak data also pulled tumbles in copper prices.
\nIndeed, China\u2019s industrial production rose in April by 9.3 % versus projected 12.1 %. Retail sales in China increased by 14.1% in April. ( this indicator was 15.2% in March).
\n\"\"
\nDecreased stock reserve of this asset in London Metal Exchange (LME) supported the quotes last week.
\n\"\"
\nNext week copper dynamics will mainly depend on U.S. and euro zone macroeconomic statistics as well as U.S. dollar\u2019s dynamics. This statistics is expected to be moderately positive. If these forecasts are justified, and data on industrial production and U.S. housing market, as well as German business sentiment index appear as moderately positive, prices of non-ferrous metals, including copper, may recover the losses. However, if this statistics doesn\u2019t justify the hopes, and American dollar consitunes growing, the copper prices may tumble. Anticipated fluctuation range of copper quotes on the futures market is 3.53 \u2013 3.78 USD per copper pound coming week.<\/p>\n

Mikael Verdyan, an analyst at FOREX CLUB, specially for ARKA news agency.<\/strong><\/p>\n

The opinion of the author does not necessarily reflect that of the agency.\u20140–<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The results of elections in France and Greece pushed gold prices to go down last week. The constituents of these countries voted against austerity measures<\/p>\n","protected":false},"author":1,"featured_media":146912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,12168,9216],"tags":[15837,12688,12617,12701,13178],"class_list":{"0":"post-36885","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-en","8":"category-interviews","9":"category-news","10":"tag-armenia-2","11":"tag-armenia-analyst-inflation","12":"tag-gold","13":"tag-metals","14":"tag-trice"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/36885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=36885"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/36885\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/146912"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=36885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=36885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=36885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}