Equity world-The price of gold rose to two-week highs in late trade Thursday on Wednesday (20/10), amid uncertainty over the timing of a rise in U.S. interest rates and ahead of final us presidential debate. The price of spot gold rose LLG 0.5 percent to 268.50, $ 1 per ounce. While the price of gold futures December contract rising US 0.5 percent and ended at $ 269.90, 1 per ounce.
Spot gold prices have shed about 7 percent during the last three weeks, as the market predicted in December the possibility Federal Reserve interest rate hikes. This precious metal is very sensitive to the increase, which raised the opportunity costs of holding these assets.
However, the retreating us dollar, which fell against a basket of six 0.3 percent of major currencies after us consumer prices showed a moderation in underlying inflation, making the market slashed bets on rising interest rates in December.
Fed futures imply about 65 percent of the probability the Federal Reserve raise rates in December, down from 70 percent before the CPI data. Us presidential debate third and last between Donald Trump and Hillary Clinton starts at 21:00 ET (0100 GMT) on Wednesday U.S. time. The European Central Bank policy meeting on Thursday will also be monitored by the market.
This metal is also benefiting from European stocks lower, suggesting waning investor interest for risk. The U.S. dollar rose slightly against a basket of turn six main currencies, as data on Wednesday pointed to the strength of the housing market. Spot silver rose 0.2 per cent at $ 17.63 per ounce. Platinum rose 0.2 per cent to $ 943 and Palladium is down 0.3 per cent to $ 636.50.
Analyst Equity Research Center estimated oil price of gold on the next trade potentially rising interest rates rise time of uncertainty. Also will observe the U.S. presidential candidates debate today. The price is estimated to be moving in the range of Resistance at $ 1.270-$ 1.272, whereas if prices fall will move in a range of $ 1.266 Support-$ 1.264