Pressure on the gold

Pressure on the gold

By: Simon Furman | Where To Trade | On:Monday, 12 December 2016
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  On Monday, the gold prices went at their lowest as expectation for a rate hike by the Federal Reserve went up and put pressure on gold. 
After initially falling at $1,153.00 per troy ounce, the gold traded at $1,156.25  per troy ounce.

The Greenback went down against other six major currencies, but still kept close to its highs. The dollar index went down 0.13%, to 101.47.
The Federal Reserve is expected to announce some economic forecasts on world's market for 2017 in Wednesday's meeting. Investors are still questioning the possibility of a hike rate. 

A higher interest rate and a stronger dollar are both influencing the gold. The precious metal is denominated in dollars and a higher interest rate would make the gold compete with yield-bearing assets.

Silver delivery for the month of March traded at $16.9 per once.
Copper delivery for the same month traded at $2.62 per pound. 
Platinum rose 0.22%, trading at $916.9.
Palladium went down by 0.56% to $730.92 per ounce. 

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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