Gold depreciates weakly on expectations of a rate hike in the US in December

Gold depreciates weakly on expectations of a rate hike in the US in December


December futures for gold on the new York stock exchange Comex became cheaper by 0.8 million, or 0.07%, to 1135,10 dollars per Troy ounce. The cost of December futures for silver grew by 0.08% – up to 15.42 per ounce.

MOSCOW, 3 Nov. Gold prices show a weak decrease in the course of trading Tuesday due to investor concerns of a rate hike by the fed this year; constrains the value of the metal from falling depreciation of the U.S. currency.

According to the trades, as at 07.18 GMT December futures for gold on the new York stock exchange Comex became cheaper by 0.8 million, or 0.07%, to 1135,10 dollars per Troy ounce. The cost of December futures for silver grew by 0.08% — up to 15.42 per ounce.

The price of gold in the summer fell to a five-year low due to expectations that the fed will raise interest rates, but in September the regulator has kept them at the same level. Last Wednesday, October 28, the U.S. Federal reserve again kept its base rate at a minimum level of 0-0. 25% per annum, excluding a rate hike in December.

“We continue to have a negative considering the total group of precious metals in the short term”, — quotes Reuters the words of a strategist at INTL FC Stone Edward Meir (Edward Meir).

Constrains the value of the metal from falling a depreciation of the U.S. currency. As at 07.18 GMT the dollar index (the dollar against a basket of currencies of six major U.S. trading partners) decreased by 0.04% to 96,88 points.