Gold prices continue strengthening improved sharply at the close of last week. Overcast US dollar also helped gold to reverse the decline in the price of a Federal Reserve rate hike.
Today (21/12), spot gold slightly uphill then 0.25 per cent to 1069.00 US dollars per troy ounce, continuing rise in the value of sales 1.4 per cent on Friday (18/12) last week. Precious metals actions affected the transfer of the investment in save-haven assets after global financial markets fell sharply following the drop in oil prices. The US Dollar Index (DXY), which measures the greenback against six other major currencies, weakened 0:05 percent towards 98.66.
Last week, gold has weakened 2 percent when the Federal Reserve raised US interest rates by 25 basis points. With the condition of higher interest rates, tend to be too good for gold demand and limit further price increases. As quoted by CNBC, the results of a poll conducted by Reuters showed that two-thirds of the economists predict the Fed will again increase in US interest rates next three months.
The next week, gold futures transaction volume is expected to remain thin due to the Christmas holiday and many traders who have done close the book before the end of the year. Such conditions reduce the liquidity in the market and increase volatility. US economic indicators to watch out for this week is GDP, durable goods orders, home sales and jobless claims.
Today (21/12), spot gold slightly uphill then 0.25 per cent to 1069.00 US dollars per troy ounce, continuing rise in the value of sales 1.4 per cent on Friday (18/12) last week. Precious metals actions affected the transfer of the investment in save-haven assets after global financial markets fell sharply following the drop in oil prices. The US Dollar Index (DXY), which measures the greenback against six other major currencies, weakened 0:05 percent towards 98.66.
Last week, gold has weakened 2 percent when the Federal Reserve raised US interest rates by 25 basis points. With the condition of higher interest rates, tend to be too good for gold demand and limit further price increases. As quoted by CNBC, the results of a poll conducted by Reuters showed that two-thirds of the economists predict the Fed will again increase in US interest rates next three months.
The next week, gold futures transaction volume is expected to remain thin due to the Christmas holiday and many traders who have done close the book before the end of the year. Such conditions reduce the liquidity in the market and increase volatility. US economic indicators to watch out for this week is GDP, durable goods orders, home sales and jobless claims.
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