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Oil futures price ranges and now shows a slight increase, as investors' attention is focused on efforts to agree on financial aid for Greece, negotiations on a ceasefire in the Gaza Strip, as well as discussions on how to prevent a financial crisis in the United States.
Earlier, gold prices fell as the dollar gained after Greece's creditors failed to agree. During the last hours of the price of gold recovered, which was caused by the release of U.S. data, which showed that the number of initial claims for unemployment benefits fell as expected.
Note that international lenders can not reach an agreement on Greece to provide financial assistance as early as the second week, but will try to do it again next Monday.
The conflict in the Middle East also helps support the gold price. Because it could not reach an agreement on a cease-fire, the gold will remain safe-haven.
Also, the data showed that the gold reserves in Brazil, Kazakhstan and Turkey have increased, triggering the rise in prices for precious metals. We note that Brazil has increased its gold reserves to 17.170 tons in October, bringing its bullion reserves reached 52.518 tons.
Traders and analysts expect that gold will trade in a range, as some traders have reduced the number of long positions before Thanksgiving. But at the same time, economists note that the long-term prospects for gold remains positive on expectations that the U.S. will continue to hold loose monetary policy.
December futures price of gold on the COMEX is now 1727.60 an ounce.
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