Equityworld Futures-Gold prices rose in late trading weekend daybreak Saturday (6/12), rise above the previous session 10.5 months, because of the U.S. dollar and Wall Street’s stock slump.
The price of spot gold rose LLG 0.5 percent on $1, 134.11 per ounce. The metal reached $1, 122.35 on Thursday, the weakest since February 2, and down more than two percent so far this week, leaving it on track for a sixth consecutive weekly losses.
Weakening this week eroded the decisions of The Fed raising interest rates and interest rate hike three signals in the year 2017. The price of gold futures for February delivery ended at US $1, 137.40 per ounce.
The price of gold rose to the highest position of the session after u.s. officials told Reuters that Chinese warships have captured the underwater drones used by the U.S. Oceanographic ship in the South China Sea. The dollar fell from a high of 14-years against a basket of currencies that is reached on Thursday when the market for repositioning the U.S. central bank more Netanyahu.
Higher interest rates next year could push the U.S. currency to higher levels, which when it rises making gold more expensive for non-us. Highlighting the lack of investor interest for gold physically; ownership of the SPDR Gold Trust, the world’s largest gold-backed ETF was down more than 10 percent since November 9. Silver rose 0.8 per cent at $16.08 per ounce, after falling more than 5 percent on Thursday.
Platinum rose 1.3 per cent to $905.1 after down to the lowest level since early February in the previous session. Palladium dropped $1.2 percent to 692.00, on track to end the week down more than five percent.
EQUITYWORLD FUTURES estimated the price of gold for next trade will move up with the weakening of the U.S. dollar and Wall Street exchanges. But be observed the movement of the U.S. dollar. Gold prices are expected to move in the range of $1.136 Resistance-$ 1.138, but if prices fall will move in a range of $1.132 Support-$ 1.130.