New York, December 15, Comex gold rose in Friday, and recorded the first weekly increase in one months, the Fed’s latest rate hike decided to affect the market.
New York Time December 15 13:30 (Beijing time December 16 02:30), COMEX February Gold Contract received 0.4 U.S. dollars or 0.03%, reported per ounce 1,257.5 USD, weekly line about 0.7%.
The Federal Reserve decided in Wednesday to raise interest rates for the third time this year and is expected to raise interest rates three times in 2018, rather than four, driving the price up.
Sevens report Editor Tyler Richey said the gold market trend this week, contrary to the practice of “buying rumors when they were sold”, fell during the Federal Open Market Committee meeting but stabilised and rebounded after the Federal Reserve announced a “dove hike” decision.
It also said that this year’s gold market volatility, intermittent fluctuations, but the most important thing is that the current gold price to maintain a trend-free market, and adhere to the middle of the year’s trading range. The gold price will remain volatile until more obvious trends are established.
Gold has risen more than 9% this year, largely driven by geopolitical uncertainties. But most of the gains were made earlier this year, followed by a narrow range, which fell to a five-month low earlier this week.
Despite factors such as the Fed’s interest rate hike, stock market rally and encrypted currency rally, gold prices have risen this year and there are still many reasons to continue the rally next year, according to the World Gold Association (WGC).
However, Mark Hulbert, MarketWatch columnist, argues that the gains had been weakened earlier this year and that even if prices fell, there was still not enough strong contrarian indicators to spur new buying.
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The ice dollar index rose 0.5% to 93.989 in Friday, less than 0.1% per cent on the weekly line. U.S. stocks are higher and the Dow is expected to rally for the fourth consecutive week.
“The outlook for gold is good,” said Mark O ‘ Byrne, head of the Goldcore Research department. In terms of seasonal factors, January is usually a good time to buy precious metals, especially gold. ”
It expects gold prices to rise by more than 3% in January, and the rally will continue into February.
For other precious metals, silver futures rose 0.8% in March, clearing prices of $16.063 per ounce, and weekly 1.5%.
January Platinum Futures received 0.9%, the settlement price of 889.40 U.S. dollars per ounce, weekly line rose 0.7%.
March Palladium futures fell 1.3%, the settlement price of 1,015 per ounce, 40 U.S. dollars, this week, after the highest position since 2001 fell, but the weekly line still recorded a 1.9% rise.
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