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PT Equityworld : Gold Prices Ended Lower In Late Trading Wednesday Morning •

PT Equityworld : Gold Prices Ended Lower In Late Trading Wednesday Morning

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PT Equityworld-Gold prices ended lower in late morning trading on Wednesday stressed the strengthening US dollar triggered an increase in expectations that the Federal Reserve will raise US interest rates in December.

Spot gold prices fell 0.4 percent to $ 1,256.66 per ounce. US gold futures prices also fell 0.03 percent to $ 1,259.70 per ounce.

The US dollar reached 11-week high against a basket of six major currencies, making dollar-denominated gold more expensive for holders of other currencies.

Traders have put 70 percent chance that the Fed will raise rates at a meeting December 13 to 14, up from 66 percent on Friday morning, according to CME Group FedWatch tool.

Speaking to reporters in Sydney, Chicago Fed President Charles Evans said on Tuesday he “could fine” to raise US interest rates in December, but that he would prefer to see how the economy and inflation evolve before deciding.

Gold touched a four-month low $ 1,241.20 per ounce on Friday and posted its biggest weekly drop in 11 months, down 4.5 percent, after US data topped forecasts and comments from Fed officials said there is a strong chance to raise rates.

Investors were also awaiting the release Wednesday of the minutes from the latest meeting of the Federal Reserve Open Market Committee to see how close the central bank to raise interest rates.

Gold is very sensitive to the rise in US interest rates, which can raise the opportunity cost of holding gold.

Among other precious metals, silver was unchanged at $ 17.62 per ounce.

Platinum was 0.1 percent lower at $ 959.80 per ounce and palladium fell 0.2 percent to $ 663.40.

Analyst Equity Research Center estimates that the price of gold could potentially weakened by the strengthening US dollar. However, it should be observed decline in Wall Street can hit other global exchanges, can be lifted sentiment in gold prices. Gold prices are expected to move in the range of $ 1,255- $ 1.253 Support, whereas if the price rises will move in the range of $ 1,259- $ 1.261 Resistance.

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