Equityworld Futures-The price of gold near the highest level in the past month after topping US $ 1,300 per troy ounce. Market sentiment was high anxiety of the United States presidential election pengerekan beating expectations for Federal Reserve interest rate, so that the yellow stone re-powered.
At the close of trade on Friday (4/11) gold spot gold prices rose 2.36 points, or 0.18% heading to US $ 1,305.06 per troy ounce. Meanwhile, Comex gold contracts in December 2016 increased by 1.2 points or 0.09% to the US $ 1304.5 a troy ounce.
As for the selling price of Antam's gold on Saturday (5/11) down to the level of Rp1,000 per gram Rp566.600-Rp606.000 per gram. While the buyback price also rose Rp2.000 towards Rp540.000 per gram.
The increase in gold was also supported by a weaker dollar. Late last week, the dollar index tracked down 0.092 points or 0.09% heading to 97.065.
Jens Pedersen, analyst at Danske Bank A / S, said anxiety ahead of the US presidential election on Tuesday (8/11) and the weakening of the dollar helped gold prices back to over US $ 1,300 per troy ounce.
Markets wary after elektabilitas distance the candidates, Hillary Clinton and Donald Trump, the thinning.
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Equityworld Futures : Gold Price Steady Weekend Observing the US Presidential Election, Week Up 2 PercentGold successfully increased in three consecutive weeks, the longest run since July. At that time, investors sought a hedge along with the voices of the United Kingdom who wish to leave the EU.
A similar situation now faced, as the market tends to pick Clinton is considered more pro-business. The Trump plans to review the international trade and intervenes in the Federal Reserve, so the potential to cause political and economic uncertainties.
"Fears are rising ahead of the US elections brought the gold back to top $ 1,300 this week. At the same time, the market sees the Fed interest rate will rise this year, although it may come back down until March 2017," said Pedersen, Friday (4/111 ).
Financial companies Citigroup Inc., in a research publication delivered investors are looking for the continuation of the movement of gold. Trump in the event of election victory could bring the price jumped to US $ 1,400 per troy ounce.
However, at the same time investors have become more confident because of the improving US economic data could push the Federal Reserve in order to raise interest rates. This increase will certainly strengthen the dollar and hit gold prices.
Latest data of workers in non-farm payroll (NFP) October period grew 161,000, below consensus expectations of 174,000. Though smaller than expected, the latest NFP data also followed by a revised calculation in September rose to 191,000 from 156,000 previously.
Equityworld Futures-Average non-farm payrolls in the last three months was 176,000. Meanwhile throughout the current year, the number of workers increased to almost 181 000 per month.
NFP data is an indicator of the Fed's decisions on interest rates, in addition to the inflation data. Probability pengerekan interest rates in the Federal Open Market Committee (FOMC) dated December 13 to 14 increased to 78% from 69% the previous weekend.
Deddy Yusuf Siregar, Asia Tradepoint Futures analyst, said sentiment US presidential election and the release of a number of economic data Uncle Sam were below expectations become a catalyst for gold.
In addition to non-farm payrolls, the unemployment rate of 4.9% between October improved from the previous month by 5%. However, the weekly jobless claims data up towards 265,000 from 258,000 the previous week.
For this week, the US election will be the main actors who drives the price of gold. When Trump managed to become president, gold could soar to US $ 1,400 per troy ounce even more until next year.
Another sentiment coming from the Fed about the plan pengerekan interest rates. In the next year, the US central bank is planning to hoist interest rates three times.
From the technical side, continued Deddy, the price will move in a wide enough range of US $ 1,276 - US $ 1,312 per troy ounce in the next five days.