Equityworld Futures – Gold prices end trading mixed on the weekend, on Saturday morning (11/02).
LLG Spot gold prices rose 0.43 percent to $ 1,233.59 per ounce, triggered bargain hunting after falling 1 percent.
While the price of US gold futures for April delivery fell 90 cents to end at $ 1,235.90. On Wednesday, touching the highest since Nov. 11 at $ 1,244.67.
Spot gold prices slumped 0.48 percent and the price of US gold futures retreating further from a three-month high this week, after the US president announced Donald Trump promised huge tax policies that encourage the dollar and upbeat economic data triggered a short-term prospect of rising US interest rates.
The US dollar reached a 10-day against a basket of currencies on Friday and was on track for its best week since mid-December as the promise Trump announced plans major tax policy in recent weeks, reviving the bullish dollar sentiment.
US economic data also fueled talk that the US Federal Reserve will continue to advance on US rate hike early. Initial jobless claims fell unexpectedly last week to the lowest level in nearly 43 years.
Gold is very sensitive to the rise in US interest rates, which increases the opportunity cost of holding gold and boosting the dollar.
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