PT Equityworld-Gold futures on the COMEX division of the New York Mercantile Exchange ended higher on Monday (Tuesday morning GMT), driven technical trading.
The most active gold contract for December delivery rose 12.4 dollars, or 1.05 percent, to settle at 1190.80 dollars per ounce. The precious metal found support after touching its lowest level in nine months. PT Equityworld : CENTRAL EXCHANGE BI NOVEMBER 29, 82 pts depreciate, majority of Asian Currencies Weaken Analysts believe the precious metal has reached a level of critical support (key support level) that triggers what traders call a "dead cat bounce" in which the precious metal reached its lowest level so buy gold as a hedge against another bet makes it more financially viable than buying bonds , Gold was given further support when the US dollar index fell 0.06 percent to 101.33 at 18:00 GMT. The index is a measure of the US dollar against a basket of major currencies. Gold and the dollar usually move in opposite directions, which means that if the US dollar goes down then gold futures will drop because gold is measured in dollars cheaper for investors. Traders are awaiting the release of the report of gross domestic product (GDP) on Tuesday, personal income and spending report on Wednesday (30/11), the manufacturing index of the Institute for Supply Management and weekly jobless claims on Thursday (1/12), and the last employment report great for November on Friday (2/12). Reports plus a few Fed speeches this week will give traders more clues about the progress of the economy associated with a boost rate hike from 0.50 to 0.75, where investors believe it will happen during the FOMC meeting in December. According Fedwatch tool CME Group, the implied probability at this time to raise interest rates from 0.50 to 0.75 is at least 98 percent at a meeting in December and 99 percent for the February meeting. Silver for December delivery rose 11.3 cents, or 0.69 percent, to close at 16.583 dollars per ounce. Platinum for January delivery rose 15 US dollars, or 1.65 percent, to close at 923.30 dollars per ounce, PT Equityworld
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