Quotes of gold unchanged for the day as the strengthening of the dollar and expectations of new clues about the timing of the Fed raising rates tops the upside.
The US Dollar Index, showing the US dollar against a basket of six major currencies, traded with an increase of 0.11%, near a 9-month high. The negative impact on the value of precious metals had also the growth of US 10-year government bonds to their highest level since the beginning of June. Recall, yield growth is usually negative for gold, as the metal does not bring interest.
A further fall in prices was restrained by increasing physical demand on the eve of the Hindu festivals. At the end of the week India will celebrate the most important Hindu festival, Diwali. During this gold is traditionally presented as a gift. Recall, India is one of the world’s leading gold consumer countries.
The cost of December futures for gold on COMEX rose to $ 1269.0 per ounce.
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