Equityworld Futures-Comex gold prices rebounded in afternoon trading on Friday (12/02/2016), after crashing below the level of 1.170 at the close of trading yesterday.
Having opened up $ 5.4 or 0.46% to US $ 1,172.3 per ounce. At pk. 12:02 GMT, gold rose $ 7.1, or 0.61% to US $ 1,174 per ounce.
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At the close of trading on Thursday (01/12/2016), gold fell 0.33% to US $ 1,166.9 per ounce.
Gold is depressed to the lowest level in almost 10 months Last trafficking, after the market predicts the US economy is getting stronger, prompting investors to higher-yielding assets.
Traders optimistic economic outlook after the release of data on Thursday that showed US manufacturing lajut fastest pace in five months.
Meanwhile payroll data on Friday, is expected to rise 180,000 in November.
The market also predicts the Federal Reserve will raise US interest rates at least twice in the next year.
“If we see prices go up, it’s really going to put pressure on gold. The demand has declined significantly,” said Peter Thomas, Senior Vice President Zaner Group LLC in Chicago, as quoted by Bloomberg, Friday (12/02/2016).