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- Gold traded moderately higher today
Gold traded moderately higher today
Gold price rose moderately as a result of the weakening dollar. The dollar index has recently lost about 0.1%. A weaker dollar makes gold more attractive for holders of other currencies.
Pressure on the dollar had statistical data on the US. The research results, published by the Federal Reserve Bank of New York showed that the region's manufacturing index dropped significantly in October, contrary to the predicted improvement. According to the data, the manufacturing index this month fell to -6.8 points compared to -1.99 points in September. Economists had expected the index to increase 1.5 points.
Speculators, however, are beginning to look more pessimistic on the prospects for gold. Hedge funds reduced last week their net long position in gold to 153,776.
The reduction of long positions occurred amid increasing uncertainty about the US presidential election and the policy of the Federal Reserve, according to ING analysts.
The cost of December futures for gold on COMEX rose to $ 1258.1 per ounce.
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