Prices for WTI crude oil rose, approaching with up to a five-week high, as the data presented showed that the U.S. economy grew in the fourth quarter, more than previously estimated. Also influenced by the dynamics of trade report on the number of initial claims for unemployment benefits.

Note that according to the third and final evaluation of the Ministry of Commerce, GDP grew at an annual rate of 0.4% in the fourth quarter compared with the previous reporting 0.1% growth. The Ministry also stressed that economic activity in the U.S. in the last three months of 2012 has increased more rapidly than previously thought. But despite the upward revision, GDP growth rates were still lower than estimates of economists who had expected an increase of 0.5%. GDP growth will provide strong business expenses, indicating that companies are intensifying, despite the uncertainty in Washington.

Despite the growth in the last quarter of 2012, GDP growth is the weakest level since the beginning of the recovery in the second half of 2009. The economy so far has been growing for 14 consecutive quarters, and for all of last year's GDP grew by 2.2%.

We also add that the data that was presented the U.S. Labor Department showed that the number of initial claims for unemployment benefits in the week of March 17-23, increased by 16, 000 and with the seasonally adjusted to 357 000. This is higher than the forecast of economists, who expected that the number of applications was 340,000. The number of initial claims is an indicator of layoffs. The number of initial claims for unemployment benefits last week, March 10-16, was revised to 341,000 from 334 00. Published data are probably a sign that the labor market is to some extent lost its momentum.

Recall that yesterday's report from the Department of Energy showed that the overall demand for oil in the U.S. rose by 6.2% last week, reaching a level of 18.9 million barrels a day, which is the highest level since February 8.

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 96,92 dollars per barrel.

May futures price for North Sea petroleum mix of mark Brent fell 42 cents to $109.36 a barrel on the London Stock Exchange ICE Futures Europe.

The price of gold fell sharply, down with below $ 1600, as the banks in Cyprus opened again, that was the first time in the last two weeks. However, despite this, a significant public panic absent, undermining demand for low-risk assets.

Recall that last week, the price of gold reached a monthly high of $ 1,616.36 on fears that financial aid for Cyprus in the amount of $ 10 billion left the majority of investors and private bond holders with huge losses, which could also be a template for future bank bailout in the euro area.

But, despite the widespread belief that the crisis in Cyprus can lead metal to second consecutive quarterly decline, many analysts now expect an increase in prices in anticipation of the holiday of Passover.

In euro terms, gold prices are sent to the monthly growth rate, which is about 3.5 percent, which is the best monthly figure since July.

We also add that the data presented today showed that the gold reserves in the fund SPDR Gold Trust, which is the largest gold exchange-traded fund in the world, yesterday remained unchanged at 1,221.260 tonnes. Note that the fund, which accounts for about 40 percent of total ETF holdings, record its largest quarterly outflow since its inception

In the short term, gold prices are likely to be supported by the comments of the Federal Reserve, which stressed that the U.S. central bank will do everything possible to keep the amount of asset purchases at the current level of $ 85mlrd. per month, while the situation on the labor market does not show signs of significant improvement.

April futures price of gold on the COMEX fell to 1597.00 dollars per ounce.

Change % Change Last

Oil $96.56 -0.02 -0.02%

Gold $1,606.20 0.00 0.00%