Equityworld Futures : Gold prices stabilized at the end of trading the weekend on Saturday morning (05/11), heading for the biggest weekly gain since mid-September due to concerns over the US election next week offset steady payrolls report which reinforce expectations for a US rate hike in December.
Global stock markets slumped amid investor concerns about the outcome of the US presidential election on Tuesday, while the US dollar eased, despite solid US jobs report which supports expectations for Federal Reserve interest rate hike next month.
LLG Spot gold prices rose 0.16 percent at $ 1,304.40 per ounce after a surprise rise in weekly data is payrolls.Secara gold prices rose 2.25 percent.
While the price of US gold futures for December delivery closed up 0.1 percent at $ 1,304.50.
An initial drop in the gold price quickly reversed as investors remained cautious ahead of Tuesday’s voting.
The US dollar index was on track for its biggest weekly decline since July after the US Federal Bureau of Investigation said last week reopened the investigation into the use of personal email server Parta Democratic candidate Hillary Clinton when he served as Minister of Foreign Affairs.
Gold prices in India swung to cuts this week as the rally in reducing retail demand, the time of purchase in the country’s largest consumer China rose as safe-haven buying. Investor interest appears strong, with holdings of the world largest gold-backed ETF Exchange announced an increase of 4.4 tonnes on Thursday.
Silver was up 0.2 percent at $ 18.36 per ounce on track to post its third weekly increase in a row. Platinum was up 0.3 percent at $ 995.74, while palladium was 1.4 percent higher at $ 624.40, on track for its first positive weekly performance in five weeks.
Analyst Equity Research Center estimates that the price of gold at the next trade has the potential to move up with fear over the uncertain US Presidential elections are pressing the US dollar and global stock markets. Prices are expected to move in the range of $ 1,306- $ 1.308 Resistance, whereas if the price drops will move in the range of $ 1,302- $ 1.300 Support.