Gold Market Update : Epic Research Singapore

Gold prices finished Thursday at their lowest levels in three weeks, a day after the Federal Open Market Committee left the door open to hiking interest rates at its December meeting.

Gold for December delivery GCZ5, -0.06% dropped $28.80, or 2.5%, to settle at $1,147.30 an ounce on Comex. That was the lowest settlement since Oct. 8.

Gold has been a beneficiary of the Fed’s ultraloose monetary policy because commodities like gold don’t offer interest. The dollar also saw a sharp move higher late Wednesday, and that also can drag on dollar-denominated currencies like gold. The dollar DXY, +0.03%  hit its highest level against the euro in nearly three months Wednesday, but has since pulled back.

Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg