Equityworld Futures : GOLD PRICE OCTOBER 28: At 12:32 am, Spot Up 2.20 Points To Level US $ 1,271.70

Equityworld Futures-Gold futures on the COMEX division of the New York Mercantile Exchange ended higher on Thursday (Friday morning GMT), after several US economic indicators reported weaker.The most active gold contract for December delivery rose 2.9 dollars, or 0.23 percent, to settle at 1269.50 dollars per ounce.

Gold got support when a report released by the Commerce Department showed US core capital goods declined a worse-than-expected 1.2 percent during September, and durable goods orders decreased by 0.1 percent during the same month.

Analysts noted that the number of orders durable goods were at the lower end of the consensus range, but still surprised many investors because the consensus is for growth of 0.2 percent.

This report prompted investors switch to assets “safe haven” of gold. However, the precious metal is prevented from rising further as the US dollar index rose 0.28 percent to 98.90 at 18:00 GMT.

Read : Equityworld Futures : Gold Prices Rise Spurred Request India

The index is a measure of the dollar against a basket of major currencies. Gold and the dollar usually move in opposite directions, which means that if the US dollar rises, the gold futures will fall, because gold is measured in dollars more expensive for investors. Other positive data on US economic data continue to restrict gold.

Sales index “pending home” (which is arranged unfinished house), which rises slightly better-than-expected 1.5 percent during September. Analysts noted the strengthening in the US South and US West, with western showed an increase of 4.7 percent.

Although durable goods orders fell, analysts believe that long-term investors are more focused on the strength of home sales, raising hopes for the Fed to raise interest rates from 0.50 to 0, 75 for the FOMC meeting in December.

According Fedwatch tool CME Group, the implied probability at this time to raise interest rates of 0.50 to 0.75 is nine percent for the November 2016 meeting, and 79 percent at the December meeting.

Silver for December delivery rose 1.3 cents, or 0.07 percent, to close at 17.639 dollars per ounce. Platinum for January delivery rose 0.9 dollars, or 0.09 percent, to close at 964.90 dollars per ounce, Xinhua reported.

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