Gold futures slumped as the released upbeat U.S. data may lead to a future rate hike

gold pushes

The price of gold is currently close to hitting its lowest level since November 22 on Thursday. This was after it became pressured on Yellen’s non-bearish view on the U.S. economy and the unexpectedly positive growth figure in Q3.

U.S. gold futures just traded above the flat line 0.1 percent at $1,283.10 per ounce for its December delivery. Spot gold was almost unmoved at $1,283.95 per ounce after dropping as low as 0.8 percent at $1,281.90 per ounce on the previous session.

However, spot gold still managed to be on track for its very first monthly gain as it rose about 1 percent this November. Wang Tao, an analyst from Reuters, said there are possibilities that spot gold will break support at $1,281 an ounce and go down on its way to the next support at $1,277 an ounce.

There has been a lot of factors that influence the price of gold ranging between the $1,265 and $1,300 handle throughout this month Alex Thorndike, an analyst from MKS, noted that it was another of session across the Asian trading, regardless of its volatility overnight. He added that it has been constant that the yellow metal struggles to reach above $1,285 per ounce.

HuaAn Gold’s fund manager Richard Xu forecasted that the price of the bullion will remain subdue this December to January 2018 but it will continue to surge after that, adding that it will be flat for a couple of days because of the good U.S. economy.

FAQs

Leave a Reply

Your email address will not be published. Required fields are marked *