Equityworld Futures–Gold prices rose in late trade Tuesday on Wednesday (18/10), mostly helped the U.S. dollar’s retreat and the current stable in exchange-a funds (ETF)
The price of spot gold rose llg 0.4 percent on $ 1, 256.70 per ounce. This precious metal fell almost 0.6 percent on Friday to a low of $ 1, the lowest, 247.01 since 7 October.
While U.S. gold futures prices ended at $ 1, 256.60 for December contract.
The rise in gold prices supported the withdrawal of u.s. dollars from the top seven months reached earlier on Monday. Dollar index down 0.1 percent on high after reaching 97.956 98,169.
The rise in gold also rose with the ownership of the world’s largest gold-backed ETF, SPDR Gold Trust New York, up 0.40 percent on Friday from Thursday.
Total ownership of the gold ETF has gained 679,335 ounce so far this month to 57,350,000 ounces, according to Reuters data.
Spot gold which has shed about 7 percent during the last three weeks, is expected to be stable after many speculators dump the long position
. The purchase of physical gold may go up ahead of the festival season and wedding in India and ahead of the new year in China.
Demand for gold from China over the consumer will remain strong at around 900 to 1,000 tons next year, close to the level of 2015, despite a weaker interest for jewelry and the economic slowdown could curb purchases, an official of the World Gold Council declared to Reuters.
Silver rose 0.1 per cent to $ 17.36 ounces. Platinum down 0.1 per cent to $ 931 an ounce. It was the lowest level of below seven months at $ 923.50 on Friday. Palladium was down 1 percent to $ 636, having reached the lowest level in three months at $ 629.22 on the
the previous session. Analyst Vibiz Research Center estimated oil price of gold on the next trade could potentially go up with the decline of the US dollar. The price is estimated to be moving in the range of $ 1.259 Resistance-$ 1.261, while if prices fall will move in a range of $ 1.255 Support-$ 1.253