The dollar began to strengthen against world currencies after the publication of the U.S. Department of labour data on inflation in the country and the number of applications for unemployment benefits. December futures for gold on the new York stock exchange Comex became cheaper by 11.3 per dollar.
MOSCOW, 16 Oct. Gold prices decline during trading Friday due to strengthening of the American currency to the world, according to AFP.
As at 10.55 GMT December futures for gold on the new York stock exchange Comex became cheaper by 11.3 million, or 0.95%, to 1176,30 dollars per Troy ounce. The cost of December futures for silver fell by 1.02% to $ 16 per ounce.
The dollar began to strengthen against world currencies after the publication of the U.S. Department of labour data on inflation in the country in September and the number of weekly applications for unemployment benefits. These statistics surpassed analysts ‘ expectations, which led to the growth of the American currency. Gold is traded in dollars, becomes more expensive for investors holding weaker foreign currencies.
HSBC experts believe that the positive statistics in the USA has revived expectations of a rate hike by the fed this year. According to them, the price of gold may come back to growth, but face resistance at the psychological level of $ 1,200 per ounce, says Reuters.
