Equity World – Gold prices fell in late trading on Wednesday morning (22/02)

because of strong expectations of a US interest rate hike next month pushed the US dollar higher,

despite the political and economic uncertainty in Europe and the United States provide price support.

LLG Spot gold prices fell 0.09 percent at $ 1,236.84 per ounce. The price of gold is still up more than 6 percent since the beginning of this year.

While the price of US gold futures dropped 20 cents to settle at $ 1,238.90.

 

Equity World | The Gold Price Down

The US dollar rose after Federal Reserve members expressed the potential to rise higher US interest rates next month, making commodities denominated in dollars more expensive.

Investor demand for gold can be seen in gold holdings in the world’s largest exchange-traded ETF, SPDR Gold Trust,

holdings have increased by more than 5 per cent to 27.044 million ounces since January 31

Which also suppress the price of gold is the major US indices, the Dow Jones Industrial Average and S & P 500,

has reached a record high in a row in the last few days.

Analysts said that gold backing came from the political and economic uncertainties that lie ahead in 2017.

Attention traders on Tuesday will focus on a speech by Federal Reserve presidents, searching for clues about the timing of US rate hikes.

 

Equity World | The Gold Price Down

Also the focus is directed to the President of Donald Trump at the Congress on February 28, which analysts and traders expect will offer details on infrastructure spending and tax cuts.

Elsewhere,

silver was down 0.17 percent at $ 17.98 an ounce,

platinum rose 0.06 percent to $ 1,001.10 and

palladium rose 0.68 percent to $ 777.25.

Center analysts predict gold prices could potentially move to strengthen a weak Wall Street and the US dollar.

The gold price is expected to move within the range Support $ 1.235 – $ 1.233, and if the price rises will move in a range Resistance 1.239 – $ 1.241.

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