Equity world-Gold prices rose in thin trading Thursday at the end of daybreak after The Fed meeting treatise giving dovish signals to hike US interest rates in the near future.
The price of spot gold rose 0.01 percent on $ 1, 253.31 per ounce. While U.S. gold futures price rose 1 percent to $ 0.18, 253.60 per ounce.
The treatise from the meeting of the Federal Reserve open market Committee (FOMC) September revealed that members generally agree that the chance for a rise in interest rates has been strengthened. But there is no specific reference to the rise in interest rates at the special meeting and the overall tone is slightly more dovish than expected.
With some of the decline is still happening in the labor market and inflation continues to run below the target, the majority of the Committee members judge that for the moment the FOMC will have to wait for further evidence of progress towards the goals of maximum employment and 2% inflation before increasing interest rates.
U.S. interest rates higher could push up the U.S. currency when the ride making gold more expensive for holders of other currencies.
Analysts say investors who usually buy gold as a hedge against political and financial uncertainty avoiding it and it’s reflected in the ownership of gold-backed exchange fund a whole this week over 57 million ounces.
Spot platinum rose 0.6 per cent at $ 950.4 an ounce after earlier falling to $ 939.60, the lowest since touching $ 936.81 on April 6,
. Both platinum and Palladium has come under new pressure since the miners National Union signed a two-year wage with Impala Platinum, effective July 1, to June 2018.
Investors are also avoiding platinum because they are not sure the inventory has shrunk enough to justify returning to the market. The ETF supported ownership fell this month over 1.9 million tons, the lowest since the middle of 2013.
Palladium rose 0.2 per cent to $ 647.80 an ounce after earlier touching a low of $ 643.72, the lowest since July 19.
Silver rose 0.7 per cent to $ 17.56 per ounce.
Analyst Vibiz Research Center estimates the gold price could potentially go up with rising U.S. interest rates pudrnya in the near future. However, the strengthening of the U.S. dollar if it continues could depress the price of gold. The price of gold is estimated to be moving in the range of $ 1.255 Resistance-$ 1.257, whereas if prices fall will move in a range of Support $ 1.251-$ 1.249.