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Gold price lower today
Gold price dropped as "hawkish" comments from Fed officials have increased the possibility of a rate hike this year. Pressure also had a widespread strengthening of the American currency.
Yesterday the president of the Federal Reserve Bank of San Francisco, Williams joined the group of officials who support a rate hike in the coming months. Meanwhile, the president of the New York Fed Dudley has twice indicated this week the possibility of a rate hike. According to the futures market, the probability of a Fed hike in September is 18% and in December 43.1% versus 39.5% yesterday.
The US currency rose 0.5 percent against a basket of major currencies. Recall, a stronger dollar makes commodities more expensive for holders of other currencies. Analysts predict that gold will remain in the range of $ 1320- $ 1370.
The gold reserves in the largest ETF SPDR Gold Trust fell on Thursday 1.3 tonnes, continuing the trend , and reaching a level of 956.50 tons. "The main factors influencing the price of gold, as before, is a strengthening of the US dollar and a further outflow of investors from ETFs that specialize in physical gold," - said Commerzbank.
The cost of the October futures on the COMEX fell to $ 1345.70 per ounce.
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