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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
