Gold prices change just slightly on Friday

Posted 19 October, 2018

Gold prices have posted slight changes at the end of the week amid US dollar rate fluctuations despite anticipated further rate increase in 2018 and stocks selloffs.

On Friday, the December gold futures rose $1,231.60 per troy oz, staying close the yesterday's peak of $1,232.7 per troy oz. As for other metals, silver futures on COMEX rose to $14.645 per troy oz. Platinum quotes gained 0.15% to 834.10 per oz, while palladium was priced at $1,072.20 per oz (0.75% up).

The fact that the US Federal Reserve considers an interest rate lift keeps playing against gold since higher rates usually affect its demand and push greenback up.
Today, the US Dollar index was recorded at 95.64.

It is worth mentioning that higher US dollar price has already affected gold. Specifically, US dollar hiked following the minutes of the previous US Fed meeting covering monetary tightening and interest rate upward revision in December.

Gold is priced in US dollar, so its quotes strongly depend on the dollar rate – higher dollar makes gold more expensive for the players using other currencies.

For reference, gold prices went up earlier once Beijing showed pessimistic Q3 GDP data. Another driver was stock market slackening in the USA and Europe.

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19 October, 2018 14:44

← First ICO license sees the light in Bermuda

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First ICO license sees the light in Bermuda

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US SEC announces new fintech division
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