Gold falls as dollar rises
Posted on: 06/Nov/2015 11:59:00 AM
The dollar hit a 3 month high, and gold fell to a 1 month low on Thursday. Officials at the US`s Federal Reserve have said that the US is ready for higher interest rates, as long as the economic data that is set to come up soon shows potential. Analysts say that the officials want to keep the option open as the relation between gold prices and monetary policy expectations is very high.
On Thursday, spot gold was priced at $1105.50 per ounce. Analysts say, We think that a December rate hike is more likely than not and an appropriate market reaction is a lightening up of risk, weaker commodities, higher yields and a firmer dollar... The next focus for the gold market may shift to the upcoming release of non-farm payrolls data on Nov. 6... Price action is very bearish, but we expect to find initial support at the October low of $1,105 and the September low of $1,100.’
