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Gold prices rose, while recovering the losses incurred in the previous session, which showed the most significant one-day drop in more than three months.
Also on this momentum the falling value of the dollar, which today shows a significant decline against the euro and most other major currencies.
Note that the metal prices fell 1.8% on Friday, as disappointing corporate reports a negative impact on the stock market, thus causing the outflow of investors to higher yielding assets, such as the dollar. But today the depreciation of the dollar triggered a trend that has helped increase the value of gold.
We also note that today the spot price of gold fell to its lowest level since September 7, while U.S. gold futures for December delivery rose $ 3.20 to $ 1,727.20 an ounce.
Recall that the weakness of the U.S. currency is the rise in gold prices, as it makes dollar-denominated assets less expensive for holders of other currencies and raises interest in bullion as an alternative store of value.
Data from the Commodity Futures Exchange Commission on Friday showed that hedge funds and other large speculators gradually reduce its gold assets, after the price of gold has not been able to overcome the level of $ 1800 per ounce.
Market participants' attention is now focused on the Federal Reserve's meeting this week and its impact on foreign exchange markets and the financial sector.
November futures price of gold on COMEX today rose $ 1.80 and is now 1724.80 an ounce.
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