PT. EQUITYWORLD FUTURES-The price of gold ended flat at the end of trading Thursday nightfall (10/12), survive above the lowest 10.5 months last week, helped the U.S. dollar’s retreat from a 14-year highs and the weakening of the Wall Street stock exchange.
Gold has been hit hard by the surge in the dollar after the US election of 8 November, and Netanyahu’s more tone from the US after the Federal Reserve raise interest rates last week for the second time in a decade.
Bullion closed nearly flat in the previous session. Spot gold XAU= was up 0.1 percent at $1,132.04 an ounce by 0049 GMT. U.S. gold futures GCcv1 were little changed at $1,133.60 per ounce. The dollar index .DXY, which measures the greenback against a basket of currencies, slipped 0.1 percent to 102.960. It reached 103.65 on Tuesday, which was its highest since December 2002. [USD/]
Gold spot price of gold dropped thin 0.04 percent at $1, 131.88 per ounce, while U.S. gold futures prices for March delivery ended at $1, 133.20.
Gold is getting support from the movement in the broader market, said Commerzbank analyst who declared the U.S. dollar slightly weaker U.S. bonds yields and a slightly lower.
The Fed last week hinted at three levels of interest rate hikes next year. Gold is highly sensitive to U.S. interest rate increase, which raised the opportunity cost of holding gold, while it increases u.s. dollars.
American Eagle gold coin sales rose to a five-year high in 2016, the U.S. Mint said on Wednesday, after a volatile year that saw prices soar 30 percent in the first seven months, only to tumble in the wake of U.S. President-elect Donald Trump’s election victory.
Among other precious metals, silver down 0.4 percent at $16.02 per ounce, from the previous day’s low of $15.59 per ounce, the lowest since April 11, Platinum 0.2 per cent lower at $913.60 per ounce. Palladium down 0.9 per cent at $658 an ounce, after earlier touching its lowest level in six weeks at $658.50.
EQUITYWORLD FUTURES estimated the price of gold to trade further could potentially rise with the weakening of the U.S. dollar and Wall Street exchanges. Gold prices are expected to move in the range of Resistance at $1.134-$ 1.136, but if prices fall will move in a range of Support $1.130-$ 1.128.