Gold is going up after the big fall
After reaching its lowest in five-month price, gold cut its losses.
During today’s trades on the Asian market, gold is going up, right after it lost 1 percent of the income, and was equal to its 5-month lowest.
It receives the big pressure from rising dollar and the speculations of Fed’s possible hike rate.
Earlier in session it went down and lost 0.1 percent, with the price 1, 22.68 dollars for one ounce. It went higher than 1, 212.26 dollars when the precious metal lost 1 percent of its price.
At the end of trades, an ounce of gold stayed unchanged on 1, 224.00 dollars.
After the biggest sell-off in the world commodities, gold was dipping 3 percent last Friday.
According to OANDA analyst Jeffrey Halley, the market is going through the long liquidation process that lasts for many months. Traders at the market are tired to wait for the similar to Brexit situation with an unexpected victory of Trump. They believe he will make the market safer, boosting the economy, inflation, and the level of national industry.
Gold is pretty sensitive to the speculations about the rising of the interest rates, so it definitely felt the new tendency towards high possibilities of rates hike.
Halley says that there will be definitely the rates increase this December.
Last Friday, according to the global Gold Trust, the holdings went down by 0.76 percent and reached 934.56 tonnes.
Meanwhile, silver went up 0.14 percent and was equal to 17.36 dollars for one ounce.