PT Equityworld-Gold prices edged higher in late trading the weekend on Saturday morning (03/12), rose for the first time in four sessions supported the weakening US dollar.

The dollar index, which measures the greenback against a basket of major currencies, was down 0.13 percent.

The US dollar fell on Friday after posting solid gains last three weeks, is expected as a short-term correction, with reports of US non-farm payrolls stirred doubts as to whether the interest rate increases next year.

The US unemployment rate fell to the lowest level in more than nine years of 4.6 per cent and increase the likelihood that the Federal Reserve will raise interest rates this month.

In thin trading, spot gold LLG up 0.24 percent to $ 1,173.15 per ounce. Metal fell to its lowest point since February 5 at $ 1,160.38 in the previous session and is on track to record consecutive weeks of losses. For the week the price of gold is still negative 0.24 percent, largely supported the strengthening of the US dollar and an increase in bond yields results.

US gold futures for February delivery ended at $ 1,177.80.

Gold holdings in the world terebesar backed ETF, SPDR Gold Trust, fell 1.54 percent to 870.22 tonnes on Thursday and fell more than 6 percent last month.

Silver fell 0.7 percent to $ 16.37 per ounce, while platinum rose 0.8 percent to $ 918.

Palladium slipped 1.7 percent to $ 737.78, after touching the highest since June 2015 $ 774.60 in the previous session, but still set for a fifth weekly gain in a row.

Analyst PT Equityworld Research Center estimates that the price of gold at the next trade has the potential to move up with the weakening US dollar. Prices are expected to move in the range of $ 1,175- $ 1.177 Resistance, whereas if the price drops will move in the range of $ 1,171- $ 1.169 Support.

 

PT Equityworld