PT Equityworld : Gold Prices Rising Ahead of ECB Meeting

PT Equityworld-Gold prices extended gains in late trade on Thursday morning (08/12), rebounding from a 10-month low this week as the US dollar weakened against the euro ahead of a meeting of the European Central Bank.

LLG spot gold price was up 0.44 percent at $ 1,173.99 per ounce. Gold stayed near 10-month lows on Monday after ending the previous session nearly flat.

US gold futures for February delivery ended at $ 1,177.50 per ounce.

PT Equityworld : Wall Street Up Over 1 Percent, Dow Jones and S & P 500 Print New Record High

In November, the precious metal posted its biggest monthly decline in more than three years. Losing streak continued into December as fears of rising US interest rates, increased interest for risk and a stronger dollar all weighed on prices at the time of waning demand from top consumer, China and India.

The European Central Bank is expected to extend its quantitative easing program when it meets on Thursday, but questions remain about whether it will scale back its monthly asset purchases and sends a signal at the end of the official end of the program.

The Fed is expected to raise interest rates at a meeting next week, a move seen as a negative for gold, due to higher US interest rates raised the opportunity cost of holding gold, and boost the US dollar.

Among other precious metals, silver was up 2.6 percent at $ 17.14 an ounce, after rising to $ 17.24, the highest since November 14th.

Palladium was down 0.7 percent at $ 731.50, while platinum was 0.7 percent higher at $ 940.80.

Analyst PT Equityworld Research Center estimates that the price of gold to move higher next trade will be limited to the weakening US dollar. However, it should be observed strengthening of Wall Street and the planned increase in US interest rates could depress prices approaching. The gold price is expected to move in the range of $ 1,176- $ 1.178 Resistance, but if the price drops will move in the range of $ 1,172- $ 1.170 Support.

"PT Equityworld"

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