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Gold price moves lower
Quotes of gold fell slightly, reaching 19 October low move caused by the strengthening of the US dollar, as well as investors focus on the timing of the next Fed hike. Some support for precious metals provided signs of improvement in physical demand among major Asian consumers.
The US Dollar Index, showing the US dollar against a basket of six major currencies, traded with an increase of 0.1%, near a 9-month high. Since gold prices are tied to the dollar, a stronger dollar makes the precious metal more expensive for holders of foreign currencies.
According to the futures market, the likelihood of tighter monetary policy by tje Fed in December is 74.2% against 69.5% the previous day. Recall that in early October, the likelihood of such a step was 60%. Some experts point out that the estimated probability of a hike in December is likely to grow by about 80% before the meeting. As it is known, higher interest rates tend to have a downward pressure on gold.
The cost of the November futures for gold on the COMEX fell to $ 1260.4 per ounce.
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