PT Equityworld : 2 NOVEMBER: GOLD PRICES Spot Opened a thin Ride 1.0 Points to as low as US $ 1.289 entrance

PT Equityworld-Gold Futures on the COMEX Division of the New York Mercantile Exchange ended higher on Tuesday (Wednesday morning EDT), driven by the weakened u.s. dollar.

The most active gold contract for December delivery surged 14.9 u.s. dollars, or 1.17 percent, became settled in the 1,288.00 u.s. dollars per ounce. The U.S. dollar index down 0.63 percent to 97.74 at 18:45 GMT.

The index is a measure of the U.S. dollar against a basket of major currencies. Gold and u.s. dollar usually move in opposite directions, which means that if the US dollar goes down then gold futures will rise, as gold as measured by u.s. dollars become cheaper for investors.

A report of the Institute for Supply Management (ISM) based in the United States on Tuesday showed the Manufacturing ISM index at the level of 51.9 during October. Analysts noted that although the index slightly above consensus, weakening in new orders providing support against precious metals because they come at a rate of 52.1, down from 55.1 level in September.

Read : PT Equityworld : The Price of Gold Rose to The Highest 1 Month Triggered Uncertainty U.S. Presidential Election

However, the precious metal is prevented from rising further because the purchasing managers index of ISM also released on Tuesday showed an unexpected reinforcement, with the index rising to 53.4, figures showed domestic demand increased through the export orders.

Analysts noted that even though the ISM manufacturing index has declined, the Manufacturing PMI index shows accumulation of Ascension to the best rate since July. Meeting of the Federal open market Committee (FOMC) has started on Tuesday and traders are waiting for the FOMC's announcement on Wednesday.

Investors believe the Fed will raise interest rates from 0.50 to 0.75 FOMC meeting during December. According to this tool Fedwatch CMEGroup, implied probability at the moment to raise the interest rate 0.50 to 0.75 is seven percent for November, and 74 percent at a meeting Dec.

Silver for December delivery rose 62.2 cents, or 3.50 per cent, to close at 18.418 u.s. dollars per ounce. Platinum for January delivery rose 19.3 u.s. dollars, or 1.97 percent, to close at 997.90 u.s. dollars per ounce.

Posted in: PT Equityworld