Gold Prices Rise On Prediction in End of Month • Equityworld Futures – Gold prices hit a trading 3.5 months at the end of the weekend early Saturday (25/02) as the US dollar reached one-week low after the statement of the US treasury secretary.
LLG Spot gold prices rose 0.63 percent at $ 1,257.21 per ounce, after touching the highest since Nov. 11 at $ 1,258.45 earlier in the session.
US gold futures prices rose $ 6.90 percent to $ 1,258.30.
Equityworld Futures | Gold Prices Rise On Prediction in End of Month
Finance Minister Steven Mnuchin said on Thursday that the government policy of US President Donald Trump would probably only a limited impact this year, although he would like to see tax reform in August.
The comments indicate much work is still needed on a tax plan that Mnuchin touted as a top priority, and that investors expect will drive growth and inflation this year.
However, gold’s gains halted after a poll on Friday that declared the presidential candidate of France Emmanuel macron will beat the right-wing leader Marine Le Pen, who has promised a referendum on EU membership.
This week the precious metal rose about 1.8 percent, largely supported by easing expectations of a US rate hike in March after minutes from the Federal Reserve’s latest policy meeting less hawkish than expected.
Equityworld Futures | Gold Prices Rise On Prediction in End of Month
Gold holdings in the world’s largest-backed ETF, New York’s SPDR Gold Trust, has risen more than 5 percent this month on geopolitical risks.
In other precious metals, silver was up 0.99 percent at $ 18.34 per ounce. Silver has gained about 1.5 percent this week posted an increase of nine consecutive weeks.
Platinum rose 1.59 percent to $ 1,021.99 per ounce, while palladium fell 0.24 percent to $ 770.90.
The analyst expects the price of gold could potentially stronger by weakening the US dollar at the weekend.
