Equityworld Futures : GOLD PRICE NOVEMBER 17 At 10:31 am, Spot Up 2.80 Points to US $ 1,226.70 Level

Equityworld Futures:Gold futures on the COMEX division of the New York Mercantile Exchange ended down on Wednesday (Thursday morning GMT), as the US dollar showed remarkable gains.

equityworld futures
equityworld futures

The most active gold contract for December delivery dropped 0.6 dollars, or 0.05 percent, to settle at 1223.90 dollars per ounce. Traders watching dollars spent most of the day near 13-year highs, putting strong pressure on the precious metal karen US dollar index rose 0.37 percent to 100.51 at 18:20 GMT. The index is a measure of the US dollar against a basket of major currencies.

Read : Equity world : Wall Street Mixed Dow Jones Retreat After 7 days Positive

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. However, the precious metal is prevented from further decline for the US Dow Jones Industrial Average fell 80 points, or 0.42 percent at 18:20 GMT.

Analysts noted that while equities posted a loss of the precious metal usually rises, as investors sought a safe haven, while conversely when the equities posted gains, the precious metal is usually down. Gold was given further support when the report released by the US Labor Department on Wednesday showed the producer price index (PPI) is worse than expected, came in unchanged in October. Analysts noted that expectations for growth of 0.2 percent which is the lowest end of the consensus range.

The same analyst noted that the section of the report prevents energy PPI figures reaching negative numbers. In addition to reports of the economy on Wednesday, reports the consumer price index, new home construction (housing starts), weekly jobless claims, Survey Business Prospects Federal Reserve Bank of Philadelphia will be released on Thursday, and the last several Federal Reserve officials scheduled to speak on Friday (18 / 11).

Silver for December delivery fell 11.6 cents, or 0.68 percent, to close at 16.927 dollars per ounce. Platinum for January delivery rose 11.8 dollars, or 1.26 percent, to close at 946.50 dollars per ounce.

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