Wednesday, November 23, 2016

Equity world : Gold prices fall after Wall Street Achieves Record High

Equity world-Gold prices ended lower in late trading Wednesday morning (23/11) after Wall Street reached all-time highs on market expectations for higher growth and greater expenditure of US president elect Donald Trump.

LLG Spot gold prices fell 0.24 percent at $ 1,210.72 per ounce. In the previous session, the metal rose 0.4 percent, reversing three sessions of losses.

While the price of US gold futures for December ended at $ 1,211.90.

The victory in the US Presidential election 9 November initially look for directions to safe-haven assets such as gold but the trend reversed as the dollar and bond yields surged on expectations of higher US spending and interest rates.

Gold has fallen more than $ 100 per ounce from the peak of the post-election on Nov. 9 as yields on US Treasury notes rise in two weeks the most in more than five years and the dollar edged higher.

Read : Equity world : 23 November Hang Seng Index Up Assisted Strengthening Wall Street

But the dollar fell on Tuesday, supporting the gold price. The dollar index, which measures the greenback against a basket of major currencies, fell from a high of 13.5 years, fell 0.1 percent after snapping a 10-day rising streak on Monday.

US rate hike expected in December also prevent gold from rising further, traders said.

Ownership world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings fell 0.71 percent to 908.77 tonnes on Monday. Ownership has fallen 3.6 percent so far this month.

Goldman Sachs on Monday lowered his gaze gold prices three and six months to $ 1,200 per troy ounce and said downside risks remain from potential physical ETF liquidation.

Among other precious metals, silver was up 1.1 percent at $ 16.77 per ounce. Platinum was 1.2 percent higher at $ 945.35 and palladium was up 0.3 percent at $ 730.40.

Analyst Equity Research Center estimates that the price of gold at the next trade has the potential to move up with the weakening US dollar. But if the strengthening of Wall Street moves menguta global exchanges, can suppress the gold price. Prices are expected to move in the range of $ 1,213- $ 1.215 Resistance, whereas if the price drops will move in the range of $ 1,209- $ 1.207 Support.


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