Equityworld Futures-Gold prices fell again on Thursday, with the strengthening expectations of US rate hike in December.
LLG Spot gold prices fell $ 1.20, or 0.10 percent at 1,182.96 per troy ounce.
While the price of US gold futures for December delivery fell $ 7.20, or 0.61%, to $ 1,182.1 per troy ounce.
Silver prices are also trending lower, with the March contract fell 9 cents, or 0.5%, to $ 16.40 per troy ounce.
Gold fell 1.7% on Wednesday, pressured by a stronger US dollar driven by higher expectations the Federal Reserve will raise interest rates at the end of its meeting of 13 to 14 December. The US dollar has also been supported by upbeat economic data, which showed the US economy is strong enough to support the rise in US interest rates.
The Federal Open Market Committee (FOMC) refrain from monetary policy adjustments in November, but it is generally agreed that it could be appropriate to raise interest rates “relatively quickly,” the official minutes of the meeting showed Wednesday. The central bank citing robust labor market and higher inflation as justification for continued policy tightening.
The US dollar index, which tracks the greenback against a basket of other major currencies, held near 14-year highs Thursday. The US currency has been in a strong upward trend since 8 November elections.
Analyst Equity Research Center estimates that the price of gold at the next trade weak potential to move with the stronger US rate hike expectations. Prices are expected to move in the range of $ 1,181- $ 1.179 Support, whereas if the price rises will move in the range of $ 1,185- $ 1.187 Resistance.