Gold prices rose slightly pdating the Friday’s high, helped by a weaker dollar and expectations of the first television debate between the candidates for the US presidency.
According to a survey conducted by broadcaster ABC and the newspaper Washington Post, Clinton ahead Trump’s popularity by 2%. Studies have shown that if you had to choose between two candidates, 46% of respondents would vote for Clinton and 44% for Trump. According to analysts, if Trump’s support will increase, the price of gold may rise in the short term against the backdrop of highly volatile.
However, uncertainty about the US monetary policy outlook and sluggish demand for physical metal in Asia held back a further increase in prices. This week, investors will focus on recent comments of Fed Yellen, which may shed further light on the timing of the next increase in US interest rates. Market participants will closely follow the performances on other high-ranking officials Fed, as well as statistics on the US economy.
“Gold is trading in a relatively narrow range for the third day in a row – Ole Hansen said, the head of commodity research at Saxo Bank -. Meanwhile, demand from hedge funds and investors absent in recent weeks, despite the favorable prospects for Fed policy. Trump increased support in the polls, a weaker dollar and today’s drop in the stock market, driven by losses in the banking sector. “
Data published by Commodity Futures Trading Commission US, showed that last week (to September 20), hedge funds and money managers reduced their net long positions in gold for the second time in a row.
The cost of the October futures for gold on COMEX rose to $ 1340.2 per ounce.
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