Gold price falls from high in 3 months on profit booking

Gold price falls from high in 3 months on profit booking


According to the auction, the December futures for gold on the new York stock exchange Comex became cheaper to 1183,40 USD per Troy ounce amid profit taking by investors.

MOSCOW, 16 Oct. The price of gold during trading on Friday moved to reduce from a three-month high amid profit-taking, according to AFP.

As at 18.05 GMT December futures for gold on the new York stock exchange Comex became cheaper by 4.1 million, or 0.35%, to 1183,40 dollars per Troy ounce. The cost of December futures for silver fell to 0,43% — to 16.10 dollars per ounce.

Gold prices in the course of trading on Thursday reached 1187,50 USD per ounce — the highest level since June 19. The growth was caused by weak US economic data that fuelled speculation that interest rates will remain low longer than previously expected. On Friday, some investors started to fix profits.

“This is a typical situation after a strong growth. Accustomed to seeing how the market is busy fixing the received profit”, — said the publication The Wall Street Journal broker at the Linn Group in Chicago Ira Epstein (Ira Epstein).

The Federal reserve system (FRS) the USA in September has decided to keep interest rates at 0-0. 25%, and some investors expect that the fed will continue to refrain from raising rates at least until the end of 2015, the newspaper said.

Nevertheless, the Outlook for gold remains bleak, says a market analyst at ICBC Standard Bank Tom Kendall (Tom Kendall). According to him, the transition to tight monetary policy, the US no longer over the horizon. The expert predicts the price of gold at an average of $ 1160 per Troy ounce in 2016, which is 9% lower than at the beginning of this year. By 2017 he expects falling prices the metal is still 10.9%.