Gold is trading higher on the weak dollar

Gold is trading higher on the weak dollar


December futures for gold on the new York stock exchange Comex rose in price by $ 1.50, or 0.13%, to 1164,30 dollars per Troy ounce. The cost of December futures for silver has grown on 0,02% – to 15,83 USD per ounce.

MOSCOW, 26 Jan. Gold prices are rising on Monday on the depreciation of the dollar, according to AFP.

As at 07.27 GMT December futures for gold on the new York stock exchange Comex rose in price by $ 1.50, or 0.13%, to 1164,30 dollars per Troy ounce. The cost of December futures for silver has grown on 0,02% — to 15,83 USD per ounce.

The dollar index (the dollar against a basket of currencies of six major U.S. trading partners) was down 0.24% to 96,86 item. Gold is traded in dollars, becomes cheaper for investors holding foreign currency, which occupies the stronger position.

However, a number of traders and analysts believe that the role of the metal as a safe asset has decreased in recent years. Gold prices remain volatile while awaiting hints on when the fed will raise rates.

Investors will be closely watching data from the U.S. statistics and statements fed on the last two this year the meetings of the regulator next week and in December. However, until significant movements in the value of the metal is not expected, experts say.

A trader at MKS Group Samuel Laughlin (Laughlin Samuel) believes that in the next few days the pressure on the price of gold will have an uncertainty on the timing of raising interest rates in the U.S., writes Reuters.