Gold price hits six-month high as US dollar declines
Gold topped the 2000 level on Monday for the first time in six months, with base metals such as copper and iron also on the rise since October, thanks to the US dollar downtrend. IGTV’s Angela Barnes has more.
(Video Transcript)
Gold hits new high
Gold has hit the 2000 level for the first time in six months, last seen here since around mid-May. Base metals such as copper and iron ore have also been on the rise since October, and that's thanks to the downtrend in the [currency:US dollar].
Well, the support for gold also comes as the private sector in the US continue to grow at a slower pace in. early November. And the yellow metal is also being fuelled by expectations that the US Federal Reserve (Fed) will not raise interest rates further.
Hope for hike-free year drives rise
Later this week, gold traders will also be looking at the second estimate of the third-quarter gross domestic product (Q3 GDP) growth rate, which should come in at 4.9% quarter-over-quarter in the US.
And on Thursday as well, the core personal consumption (PC) price index data, which is due and which is expected to rise 3.5% in November year-over-year. Now, gold, if we're looking at the price chart currently at 2014, up 0.62% on the day.
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