Gold rises in price on weak dollar

Gold rises in price on weak dollar


According to the auction, the December futures for gold on the new York stock exchange Comex rose in price to 1079,60 dollars per Troy ounce against the weakening of the dollar against foreign currencies.

MOSCOW, 19 Nov. Gold prices on Thursday continued to demonstrate positive dynamics on the background of weakening of the dollar against world currencies after the publication of the protocols of the October meeting of the us Federal reserve, according to AFP.

As at 18.07 GMT December futures for gold on the new York stock exchange Comex rose in price by 10.9 dollars, or 1.02 per cent, to 1079,60 dollars per Troy ounce. The cost of the March futures for silver has grown on 1,59% — to 14.34 USD per ounce.

The U.S. dollar index falls by about 0.39 per cent, to 99,18 paragraph after the October meeting minutes by the fed showed that the rate of increase in the base rate will be gradual.

Many investors still play data of the protocols of the fed, according to which the majority of the members of the Committee on open markets FRS of the USA believes that December may be an appropriate time to raise interest rates. The meeting participants stressed that the decision will depend on how well executed medium-term economic Outlook relative to data obtained prior to the meeting. In addition, members of the Federal open market Committee was given to understand that the pace of normalization of monetary policy in the US will be slow and gradual.

“I think that if the dollar is adjusted, the gold should show some increase in price to $ 1095 per ounce. The market feels that he is able to test the mark of 1090-95 dollars per ounce, but the question of the strengthening of the dollar,” said to Reuters the head of the trading Department nabawi MKS Afshin (Afshin Nabavi).