Gold rises in price on weak small depreciation of the dollar

Gold rises in price on weak small depreciation of the dollar


December futures for gold on the new York stock exchange Comex grew by 4.2 million, or 0.39%, to 1092,30 dollars per Troy ounce. The cost of December futures for silver increased by 0,60% to 14,51 USD per ounce.

MOSCOW, 10 Nov. Gold prices on Tuesday show a weak positive trend amid uncertain growth of the us currency against world currencies, according to AFP.

As at 07.14 GMT December futures for gold on the new York stock exchange Comex grew by 4.2 million, or 0.39%, to 1092,30 dollars per Troy ounce. The cost of December futures for silver increased by 0,60% to 14,51 USD per ounce.

The dollar index (the dollar against a basket of six currencies of major US trading partners) grew by 0.03% to 99,03 item. Gold is traded in dollars, becomes cheaper for investors holding foreign currency, which occupies the stronger position.

In the first week of November, gold declined significantly in value, losing a total of 4.7 per cent. A significant role was played by increased expectations of a rate hike by the fed after the publication on Friday of the positive statistics on the labor market in the U.S. showed the decline in the unemployment rate in the country to 5% from 5.1% and an increase of jobs in non-agricultural sectors 271 thousand instead of the expected 184 thousand.

However, many participants remain sceptical in relation to gold. “Gold will remain below $ 1,100 per ounce, as rising interest rates becomes more and more inevitable” — leads Reuters words of the head of the division of research, Wing Fung Financial Group Mark (Mark To).