Tuesday, November 24, 2015

investing in gold : Gold gets only a slight lift from the downed Russian plane, stronger oil

investing in gold :Gold held to modest gains after the escalation of political tensions after the shooting down Russian fighter Turkey on the border between Turkey and Syria plane.

Gold for December delivery closed at the COMEX division of the New York Mercantile Exchange, up $ 7.00 at $ 1,073.80 an ounce. Trade ranged from $ 1,074.80 to $ 1,068.10.

The Comex silver for December delivery up 12.7 cents at $ 14.159 an ounce. Trade ranged from $ 14.020 to $ 14.270.

"I tried to precious metals rally, but a very strong offer in the $ 1080 and $ 14.30 resistance areas. Triland Metals said the London-based metals as such is yet to come out to land pressure."

Also got some support from currency movements and oil complex. Last dollar was softer 0.19 percent to 1.0656 against the euro, while the light sweet crude (WTI) oil futures in December the same time delivery on Nymex last up $ 1.20, or 2.90 percent, to $ 42.95 a barrel.

However, there is still gold Societe Generale Bank is expected to break below $ 1,000 in the next year, the minimum orientation.

"The gold price is ignored to a large recent terrorist attacks end. Indicated earlier that the price of gold in the past was to hedge against non-credible regional military conflicts," said Societe Generale, adding that the marches gold caused by such events, which tend to be very short-lived.

"We believe that the main factors the medium-term gold price is Fed policy, US real interest rates, inflation expectations, and the US dollar, and transactions of gold the central bank and the demand for retail trade of China and India," said the bank.

Data on the US side, the initial GDP showed an annual growth of 2.1 percent compared to an increase in the expected 2.0 percent. Among other figures, however, the consumer confidence index was CB 90.4, compared with 99.3 expected while the Richmond manufacturing index rose -3 - has seen flat.

More figures are due tomorrow before the Thanksgiving holiday on Thursday, when US markets will be closed.

As for the other precious metals, platinum for January delivery on the Nymex down $ 5.70 at $ 841.70 an ounce, while palladium contract the most actively traded in the $ 541.50 an ounce, up 15 cents ended.