PT Equityworld : GOLD PRICE Opened 3 NOVEMBER Spot Down 10.10 Points to US $ 1,298.10 Level

PT Equityworld-Gold futures on the COMEX division of the New York Mercantile Exchange ended sharply higher on Wednesday (Thursday morning GMT), ahead of the announcement of the meeting of the Federal Open Market Committee (FOMC).

The most active gold contract for December delivery jumped 20.2 dollars, or 1.57 percent, to settle at 1308.20 dollars per ounce. The precious metal found support as investors spent the trading session patiently waiting for the outcome of the Federal Open Market Committee meeting. Investors believe the Fed will raise interest rates from 0.50 to 0.75 during the December FOMC meeting.

According Fedwatch tool CME Group, the implied probability at this time to raise interest rates from 0.50 to 0.75 is at least 72 percent at a meeting in December and 73 percent at a meeting in February 2017. Traders believe that the precious metals were also higher due to uncertainty in the selection competition the US president, because they are not assured of US trade policy that will be enforced by the Republican candidate Donald Trump.




Read : PT Equityworld : Gold Prices Rise After US Fed Hold Interest Rates Remain

In the months before chances of victory Trump is not possible, and there is no demand for "safe haven" for the precious metals, but a recent poll shows growing competition tightened, triggering investors turned to precious metals as a "safe haven".

Gold was given additional support when a report released by ADP (Automated Data Processing) based in the US showed that the jobs report released on Wednesday declined sharply, far below expectations, at a rate of 147,000. Analysts noted that this report came out just a few days before the big employment report on Friday (4/11), and perhaps a preview of that report and the Fed's thinking with regard to interest rate hikes in the next few months. The US dollar index fell 0.41 percent to 97.34 at 18:15 GMT.

The index is a measure of the US dollar against a basket of major currencies. Gold and the dollar usually move in opposite directions, which means that if the US dollar goes down then gold futures will fall, because gold is measured in dollars cheaper for investors.

Silver for December delivery rose 27.5 cents, or 1.49 percent, to close at 18.693 dollars per ounce. Platinum for January delivery rose 3.9 dollars, or 0.39 percent, to close at 1,001.80 dollars per ounce.

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