Gold price around 6-mth lows as dollar marches higher

The gold price tracked lower in London on the morning of Friday November 18, with continued strength in the dollar pushing it to six-month lows.

The spot gold price was recently quoted at $1,208.45/1,208.70 per oz, down $6.55 on Thursday’s close. Earlier today it traded at $1,203, its lowest since May.

The dollar index was recently at 101.35, up 0.35% – it is holding around its highest for 14 years amid expectations that the US Federal Reserve will raise interest rates next month.

Yesterday, US Federal Reserve chair Janet Yellen said that US interest rates could rise “relatively soon”, due to an improving domestic labour market and stronger growth.

“The overnight Fed comments gave the dollar the support required to continue its stunning run higher and it is hard to see gold being able to rally the support required to break away from $1,200 as we head toward the December FOMC meeting,” MKS noted.

The spot silver price was recently at an unchanged $16.605/16.640 per oz. The spot platinum price at $928/933 was up $4 while spot palladium at $716/721 per oz was $6 lower.

(Editing by Mark Shaw) 

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