Gold Fell During The Week Of Thanksgiving
On Friday, the price of gold fell. At the time investors were locking in profits. However, experts are expecting the market to go up next week in the U.S. closer to $1,300.
Early in the morning, gold had fallen 0.2 percent, coming in at $1,288,65 in the States. For the remainder of the week, bullion was down close to 0.4%.
December futures dropped as well. They were 0.3 percent lower at $ 1,288.60 in the U.S.
Gold Fell This Week
One expert on gold believes that the precious metals received support from the U.S. Federal Reserve’s minutes. This occurred on Wednesday.However, some saw the move as dovish. The step lowered expectations slightly. Investors are looking forward to the rate hike in March.
Be that as it may, a rate hike for December has been priced in already. Some investors believe that the Fed’s cautious take on inflation could mean a longer period of low-interest rates. This will provide more over a stronger platform for those who invest in the precious metal.
If interest rates remain high, that could make for a boost in the dollar. It will also push up yield bonds. Doing so will even put some pressure future gold prices. Opportunity cost will rise with the holding of non-yielding bullion.
It seems as though spot gold has done away with it’s $1,283 per ounce target. It has been stable at around $1,288 an ounce.
Silver see gains this week of 0.1 percent at 17.071 an ounce in the U.S.
Platinum has gone up 0.1% coming in at $934.35 an ounce.
Palladium, on the other hand, dropped down to $1,002.10 an ounce for the weekend.
Silver saw it’s share of lows this week as it went down 1.2%. This is the first weekly decline for the precious metal in three weeks. Platinum was the loser this week, dropping 1.5 percent. This is the lowest that platinum has been in four weeks. Palladium did quite well this week, climbing 1.7 percent.