Gold took advantage of the US Dollar weakness

October 20, 2017 10:46 pmComments Off on Gold took advantage of the US Dollar weaknessViews: 48

Gold priceThe gold took advantage of the US Dollar weakness during the Friday trading session, recovering from the weekly bottom. The spot price of precious metal grew by 0.4% to 1,286.31 ounce, while futures on the metal with a delivery term in December were trading with growth of 7 USD during the day at levels close to 1,290.00 USD per ounce.

The lack of negative economic or geopolitical news combined with rising chances for increasing of the US interest rates in December keeps the price of gold under pressure. If the precious metal remains below 1,300.00 USD per ounce, there is a danger of seeing a deeper adjustment in the coming days and weeks.

According to the analysts, the support around 1278.11 USD per ounce has the potential to push the price back. However, they consider that rise will be weak and unstable, rather a corrective formation than an impulsive movement. Nevertheless, the situation looks good for purchases.

Meanwhile, the silver futures rose by 1.24% to 17.19 USD. The platinum also ended with growth, rising by 0.23% to 920.15 USD per ounce.

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