Equityworld Futures-Gold prices slumped in late trading Friday morning (18/11) after the statement of the chairman of the Fed Janet Yellen are on sinyakl strong rise in US interest rates in December.
LLG spot gold price was down 0.9 percent at $ 1,226.18 per ounce, after dropping 0.25 percent in the previous session.
While the price of US gold futures fell 0.8 percent to $ 1,213.60 per ounce.
Fed Chairman Janet Yellen on Thursday (17/11) made his strongest comments to date to support the policy tightening in December, told Congress an increase in interest rates can be relatively quickly implemented.
US central bank chief also mentioned dangerous if it waits too long, which could lead the Fed to move too quickly in the future, according to his statement at the Joint Economic Committee of Congress.
The US dollar on Thursday rose to a new high of 13.5 years against a basket of major currencies after the statement by Federal Reserve Chairman Janet Yellen. The dollar index, which measures the greenback against a group of six currencies, was last up 0.46 percent at 100.87.
Helping to support the rise in gold is strong demand in India after the decline in high-denomination banknotes.
Among other precious metals, palladium rose 0.6 percent to $ 719.10 after hitting a fresh six-week high of $ 723.60, while platinum slipped 1.3 percent to $ 931.50.
While the silver fell 0.2 percent to $ 16.93 per ounce.
Analyst Vibiz 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 $ 1,224- $ 1.222 Support, whereas if the price rises will move in the range of $ 1,228- $ 1.230 Resistance.