PT EQUITY WORLD– Gold prices touched the highest in four weeks at the end of trading Friday on Wednesday (06/01) because the U.S. dollar slumped more than 14-year highs reached earlier this week.
The price of spot gold rose LLG 1.4 percent on $1, 180.06 per ounce, while U.S. gold futures prices for March delivery ended at $1, 181.30 per ounce. The spot price of gold to rise 2.4 percent for this week so far, have benefited from the stopping of the rise in the U.S. dollar.
Us dollar to extend losses against a basket of six major currencies, after the data showed U.S. private employers added 153,000 jobs in December, below the expectations of economists.
The treatise from the meeting of the US Federal Reserve December shows that almost all policymakers think the economy can grow faster by expected fiscal stimulus under the reign of Donald Trump. At the same time, Fed policy makers “stressed their uncertainty” about future economic policy changes.
The price of spot gold LLG down more than 8 percent in November and touched a 10-month low in December on higher dollar and U.S. Treasury results after the election victory of Trump and as the Fed raised interest rates for the first time in a year. Now it has risen more than 5 percent of the lowest level.
Purchases from China, the largest consumer of gold, is also supporting the recent rally, traders said. Ownership of the SPDR Gold Trust, the world’s largest gold-backed exchange-a fund, unchanged on Wednesday at 813.87 tons.
They have been down about 14 percent since the U.S. election in November. The best performing metal this week is Palladium, up 9.2 percent this week and on track for the biggest weekly rise since July.
These metals are mostly used for cleaning exhaust emissions from gasoline-powered, catalyst has been bought in anticipation of record high vehicle sales in the United States and was also boosted by a lower dollar, analysts said. US car sales data for December on Wednesday showed sales of new cars and trucks rose to a record in the year 2016.
Platinum rose 3.4 per cent to $968.99 an ounce, after reaching its highest in almost eight weeks at $973.50. It was heading to a weekly increase of 8 percent. Silver Spot goes up 1.4 percent at $16.66 per ounce after touching a three-week high of $16.70.
PT Equity World : “Gold price estimate for trade will further observe the movement of the U.S. dollar, which if continued will lift gold prices weakened.”
But the need to take the profit taking efforts utilizing the gold price rises overnight. Gold prices are expected to move in the range of $1.178 Support-$ 1.176, but if the price rises will move in a range of $1.182 Resistance-$ 1.184.