​Gold prices increase in spite of a strengthening dollar

Discussion in 'Metals' started by Profiforex_Victory, Oct 25, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    Gold prices went higher even in face of a stronger dollar. Gold prices had gone up adding to overnight gains it had gathered earlier. The gains come as traders were looking forward to more U.S. economic data so as to get an indication of how sure the expected December interest rates hike will be.

    Gold for December delivery on the Comex division of the New York Mercantile Exchange went up $7.55, this amounting to an increase of 0.61%, bringing gold prices up to $1,271.35 for a troy ounce. Just yesterday, gold prices had actually lost $4.00, which amounts to 0.32%.

    Trader activity today in the market centered on U.S. consumer confidence data. This data is very important to investors who are trying to estimate how well the US economy is doing and how well the US economy can tolerate a rise in borrowing costs before 2016 runs off.

    So far statements coming from Fed officials in addition to impressive U.S. economic data combined have raised the case for interest dates hike by December.

Share This Page