Gold is cheaper on the wave of profit-taking

Gold is cheaper on the wave of profit-taking


December futures for gold on the new York stock exchange Comex became cheaper to 116,70 USD per Troy ounce. According to analysts, the momentum after the publication of unemployment data in the U.S. began to wane.

MOSCOW, 13 Oct. Gold prices decline on Tuesday on a wave of profit taking by investors after the rising cost of metal the day before, according to AFP.

As at 09.44 GMT December futures for gold on the new York stock exchange Comex became cheaper by 7.8 million, or 0.67%, to 116,70 USD per Troy ounce. The cost of December futures for silver declined 0,811 — to 15.74 USD per ounce.

Gold prices fell to a five-year low in July on expectations that the fed will soon raise interest rates, but in September the regulator has kept them at the same level. Later, gold prices have moved to increase amid expectations that the volatility in emerging markets will force the regulator to refrain from raising rates. Higher interest rates are expected to put pressure on gold prices.

“It was a spectacular price rise of the precious metal after the publication of unemployment data in the US 10 days ago. However, it seems that the momentum is now starting to wane,” said to Reuters the MKS Group trader James Gardiner (James Gardiner).