Equityworld Futures-Gold prices slipped to a nine-month low in late trading on Thursday morning (24/11), eroded the US dollar rally after positive US economic data reinforces expectations of a rate hike next month.
Gold Spot gold prices fell 1.92 percent at $ 1,188.76 per ounce. In the previous session, the metal eased 0.15 percent, pressured by the strong US stock market.
While US gold futures prices fell 1.89 per cent to $ 1,188.60 per ounce.
US durable goods orders rebounded in October and despite jobless claims rise, remain below levels consistent with a tightening labor market.
Strengthening economic data makes the US dollar index climbed new highs of 13.5 years.
Precious metals have been hit by expectations that the policy of US President-elect Donald Trump will encourage economic growth and stronger US data opens the opportunity for a rate hike.
Merchants appreciate 100 percent chance for a rate hike in December, according to CME Group’s FedWatch Tool.
The US Federal Reserve will meet on December 13 to 14.
In other news, the uncertainty surrounding the Italian constitutional referendum on 4 December and the French and German elections next year, could support gold through safe-haven buying.
While the victory Trump has pushed safe-haven buying of physical gold in Europe.
Silver rose 0.2 percent to $ 16.66 per ounce and platinum was 0.56 percent higher at $ 942.20.
Palladium was down 0.14 percent at $ 739.00, after touching its best since the beginning of June at $ 749.40 in the previous session.
Analyst Equity Research Center estimates that the price of gold at the next trade weak potential to move with the stronger US dollar. Prices are expected to move in the range of $ 1,187- $ 1.185 Support, whereas if the price rises will move in the range of $ 1,191- $ 1.193 Resistance.