Equityworld Futures-The price of gold ended down in late trade Tuesday on Wednesday (25/20) after the Wall Street stock exchange strengthened, stifle investment interest for precious metals.
The price of spot gold down 0.2 per cent at $ 1, 264.20 per ounce, while U.S. gold futures price for December delivery closed down to $ 1,263.70 an ounce. Signs of improved demand in the main Asian consumer physical help hold losses of precious metals.
The loss also halted the decline of the U.S. currency on Monday, after a rally against a basket of currencies in early trading expectations The Fed will raise interest rates this year, and a chance to recede from Donald Trump to become u.s. President.
Gold is highly sensitive to U.S. interest rate hikes, which increases the opportunity cost of holding gold, while the U.S. dollar strengthened. Third-quarter growth figures from the United States and the Fed’s policy speech this week will be strictly monitored for clues on interest rate hikes. Investment interest in gold showing signs of softening last week.
The data of the U.S. Commodity Futures Trading Commission showed on Friday and hedge fund money managers cut their net long position in COMEX gold for the third week in the week to October 18, largest physical gold Ownership supported exchange-a fund, SPDR Gold Shares, reported the largest one-day outflow since April 2013 on Friday, from 16.6 tonnes.
Silver rose 0.7 per cent at $ 17.59 per ounce; Platinum is 0.7 per cent higher at $ 935.50 per ounce earlier in the session due to touching the lowest level since February 29, at $ 921.20. Palladium, which reached the lowest point in more than three months of $ 613.10 in the previous session, up 0.2 per cent at $ 625.50.
Analyst Equity Research Center estimated the price of gold on the next trade potentially down triggered the reinforcement of Wall Street. Also need to be observed the movement of the U.S. dollar which, if strengthened will also suppress the price of gold and vice versa. The price is estimated to be moving in the range of $ 1.262 Support-$ 1.260, while if prices rise it will move in a range of $ 1.266 Resistance — $ 1.268.