PT Equityworld : old ended down in late trade Thursday on Wednesday (27/10) depressed profit taking after the price of gold rose to the highest reaches of three weeks on the previous session. Spot gold prices down about 0.5 percent on $ 1, 266.62 per ounce. At the previous session, amount to $ 1,276.67, the highest since October 5. While U.S. gold futures prices ended down 0.5 percent on $ 1, 266.60 per ounce.
But gold has the potential to climb higher again in the short term after the retreat of the US dollar from near nine-month highs level, the growing appetite of speculators, and the growing demand for physical as well as the weakening of most global exchanges.
Dollar index slipped after rising as high as 99.119 on Tuesday, the highest level since March 1, largely driven by expectations of a US interest rate rise in December.
Gold demand is estimated to rise ahead of the festival of India this month as Dhanteras Diwali, and when gold is traditionally given as a gift.
Ownership of the SPDR Gold Trust, the world’s largest gold-backed exchange-a fund, up 0.34 percent to 956.83 tonnes on Tuesday from 953.56 tonnes on Monday.
In other precious metals, platinum rose 0.56 percent to $ 968.40 an ounce after paring gains from the intraday high of $ 970.80, the strongest since October 10.
Silver is down $ 0.62 percent to 17.67 per ounce, while Palladium dropped $ 0.44 per cent to 630.20.
Analyst Equity Research Center estimated the price of gold on the next trade could potentially go up with the decline of the US dollar, rising demand and a weakening stock globl. The price is estimated to be moving in the range of $ 1.269 Resistance-$ 1.271, whereas if prices fall will move in a range of $ 1.265 Support-$ 1.263.