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Gold closed slightly lower after giving up gains sparked by the Chinese rate cut
10.24.2015
- Gold prices closed slightly lower with the rise of the dollar to its highest level in more than two months and US stocks recording strong gains after China conducted to ease monetary policy for the sixth time in a year, boosting hopes for an increase in US interest rates.
The yellow metal rose more than 1 percent to $ 1180 for ounce in early trading in the New York market after the Beijing Declaration surprise cut in interest rates.
Investors bet at first that the US Fed will be forced to postpone the increase in interest rates in view of the fragility of the global economy, but buying quickly evaporated because of the views that the Chinese stimulus positive US data and make the increase in US interest likely further this year.
And it led the US stock gains also reduced investor appetite for gold and bonds, while the US dollar rose to its highest level since 19 August against a basket of currencies, which put further pressure on the yellow metal.
The price of gold fell 0.04 percent in spot transactions to $ 1164.36 an ounce at the end of trading in the US market while US gold futures fell 0.3 percent to a record settlement at 1162.8 dollars registered an ounce weekly loss after two weeks of gains.
And toil gold at its lowest level in five and a half years in the past few months on expectations that the US central bank will raise interest rates this year, which could reduce the appetite of investors to keep the precious metal which does not generate a return.
Concern about the strength of the global economy recently to postpone the outlook for interest rates to increase in 2016. But more stimulus measures in China and US data reinforced the positive possibilities to increase the interest rate in December.
Gold and end the week down 1.2 percent, rebounding from two weeks of gains.
Among other precious metals silver fell 0.40 percent to $ 15.79 an ounce, while platinum fell 1.5 percent to $ 997.25 an ounce. But palladium rose 1.1 percent to $ 690.50 an ounce. It ended 29 quarters e
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10.24.2015
- Gold prices closed slightly lower with the rise of the dollar to its highest level in more than two months and US stocks recording strong gains after China conducted to ease monetary policy for the sixth time in a year, boosting hopes for an increase in US interest rates.
The yellow metal rose more than 1 percent to $ 1180 for ounce in early trading in the New York market after the Beijing Declaration surprise cut in interest rates.
Investors bet at first that the US Fed will be forced to postpone the increase in interest rates in view of the fragility of the global economy, but buying quickly evaporated because of the views that the Chinese stimulus positive US data and make the increase in US interest likely further this year.
And it led the US stock gains also reduced investor appetite for gold and bonds, while the US dollar rose to its highest level since 19 August against a basket of currencies, which put further pressure on the yellow metal.
The price of gold fell 0.04 percent in spot transactions to $ 1164.36 an ounce at the end of trading in the US market while US gold futures fell 0.3 percent to a record settlement at 1162.8 dollars registered an ounce weekly loss after two weeks of gains.
And toil gold at its lowest level in five and a half years in the past few months on expectations that the US central bank will raise interest rates this year, which could reduce the appetite of investors to keep the precious metal which does not generate a return.
Concern about the strength of the global economy recently to postpone the outlook for interest rates to increase in 2016. But more stimulus measures in China and US data reinforced the positive possibilities to increase the interest rate in December.
Gold and end the week down 1.2 percent, rebounding from two weeks of gains.
Among other precious metals silver fell 0.40 percent to $ 15.79 an ounce, while platinum fell 1.5 percent to $ 997.25 an ounce. But palladium rose 1.1 percent to $ 690.50 an ounce. It ended 29 quarters e
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