Gold prices turned lower on Friday, as investors chose to lock in profits from the previous metal’s climb to a two-and-a-half week high overnight as the Federal Reserve’s decision to leave interest rates unchanged continued to support.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.45% at $1,338.65.
The December contract ended Thursday’s session 1.00% higher at $1,344.70 an ounce.
Futures were likely to find support at $1,328.00, the low from September 9 and resistance at $1,345.40, the high from September 8.
Gold prices rallied after the Fed decided on Wednesday to hold interest rates and projected a less aggressive rise in interest rates next year and in 2018.
However, the U.S. central bank signaled that it could tighten monetary policy before the end of the year if the job market continued to improve.
Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.
Elsewhere in metals trading, silver futures for December delivery tumbled 0.93% to $19.907 a troy ounce, while copper futures for December delivery slipped 0.11% to $2.192 a pound.
Looking for investment in Share Market, CapitalStars Financial Research Private Limited provides you best investments Tips in Share Market.It daily provides intraday and Future calls with profit assurity.We generate intraday as well as delivery calls in Stock cash and F&O in NSE & BSE, Commodities including bullions, metals & Agro- commodities traded in MCX and NCDEX.
Commodity Market Tips
Equity Tips
Share Market Tips
0 comments:
Post a Comment