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Gold lost approximately 1 percent as USD grows
 Gold prices have fallen by almost 1 percent as the demand for US dollars is holding steady after the reliable report on employment in the US published on Friday has strengthened the expectations of increasing the Federal Reserve System rate on December. 05.Dec.16 10:30 PM By Anna Tuzova Photo Toinnov.com |
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As at 10:05 GMT gold has declined by 0,97% to 1166,45 USD/oz, and is close to the lowest rate since February, which was on Thursday - $1160,00. USD index, which monitors changes of the US currency against the trade-weighted set of six main rivals, has grown by 0,3 percent to 101,05. The strong US dollar generally puts pressure on gold as metal’s attractiveness as an alternative asset is reduced by it while dollar prices are growing for other currencies holders. 178000 workplaces were created in the USA, as indicators showed on Friday. The unemployment rate has fallen to 4,6 percent, the lowest rate of the past nine years. The indicators have strengthened the already strong case for increasing the interest rate by the Federal Reserve System in the next week. According to the forecast by Investing.com, currently Federal Funds futures estimate the possibility of increasing the interest rate at the meeting on 13-14th December to 100%. Investors estimate the possibility of increasing rate on February by 93,9 percent. The precious metal is sensitive to a rate increasing as its growth deprives investors of returns on investments in gold bars, making dollar, which expresses the price of gold, stronger. | |
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