Gold prices continued to fall fifth consecutive week after the announcement of John Williams, president of the Federal Reserve Bank of San Francisco, that there is a need to raise interest rates next month. The price of silver fell to a six-year low.
Gold Bullion for immediate delivery fell as low as 1 percent to $ 1067.58 an ounce as of 13:07 in Singapore were trading at $ 1071.64. Last week, gold fell 0.5 percent after the November 18th high of $ 1064.55 per ounce, which is the lowest rate in the period from February 2010.
In anticipation of higher interest rates in the United States, this year the price of gold fell by 9.5 percent. Most economists surveyed by Bloomberg, as well as traders in futures on federal funds predict a rate hike in December.
Now the probability of a rate hike in the federal funds is 68 percent, according to futures data. The meeting of the Federal Committee Operations on the open market the US Federal Reserve (FOMC) held in Washington on December 15-16.
As for currencies, the euro fell to a seven-month low after the statement of the president of the European Central Bank Mario Draghi that the officials of the bank "will do everything in their power to encourage the growth of prices in the region." The ECB Governing Council meets in Frankfurt on December 3rd.
The spot price of silver fell 1.5 percent to $ 13,978 per ounce, which is the lowest level in the period from August 2009. The cost of palladium fell by 2.1 percent to $ 551.50 an ounce. Platinum fell 0.8 percent to $ 847.55.
According to the materials WELTRADE