Gold prices drop on continued strengthening of the dollar

Gold prices drop on continued strengthening of the dollar


According to the auction, the December futures for gold on the new York stock exchange Comex became cheaper to 1074,4 dollars per Troy ounce due to strengthening of the American currency.

MOSCOW, Nov 17. Gold prices decline on Tuesday amid the strengthening of the U.S. dollar due to expectations of rate increase by the fed in December, according to AFP.

As at 19.21 GMT December futures for gold on the new York stock exchange Comex became cheaper by 9.1 million, or 0.85%, to 1074,4 dollars per Troy ounce. The cost of December futures for silver declined by 0.33% to 14.18 per dollar per ounce.

The dollar index (the dollar against a basket of currencies of six major U.S. trading partners) rises 0.2% to 99,58 item. The growth of the American currency against the other world currencies linked to investor expectations of increased interest rates in the country in December.

According to a survey of 10 banks by the newspaper the Wall Street Journal, the price of gold in 2016 will stay at the level of 1000 dollars per Troy ounce, while average price is projected for the current year is $ 1156 per ounce. This means that the metal will trade below its key level of $ 1,200 per ounce, which analysts define as the average price of gold production.