Spot gold fluctuated narrowly during the Asia Europe period, and earlier fell to1262Near USD

Huitong Network10month24Daily News - Monday(10month24day)Spot goods during the Asia Europe periodgoldNarrow range fluctuations, earlier falling to1262Near the US dollar, the US dollar subsequently fell from its high position, and gold prices returned to their starting point. Currently trading on1265.98dollar/Ounces, however, the possibility of the Federal Reserve raising interest rates by the end of the year is high, and the US dollar remains relatively high, which has suppressed the price of gold.

Gold prices remain stagnant due to the prospect of the Federal Reserve raising interest rates

Tu Guobin, head of research at Yongfeng Financial Group, said that given the increasing risk, most people will settle some of their positions just to make themselves safer. Before the results of the US election are announced, gold prices will be around per ounce1250-1270The fluctuation near the range of the US dollar does not have much upward mobility.
   
The market will closely monitor the third quarter of the United States this weekGDPLooking for clues about the possibility of interest rate hikes from growth data and speeches by Federal Reserve officials.
   
US goodsfuturesTrading Committee(CFTC)Last Friday(10month21day)According to the published data, as of10month18In the past week, hedge fund and money market fund managers cut New York for the third consecutive weekCOMEXGold has a long position.
   
Last Friday, San Francisco Fed Chairman Williams reiterated the need to raise interest rates quickly, saying to reporters, "It is advisable to raise interest rates this year."   
   
The price of gold is highly sensitive to interest rate hikes in the United States, as this increases the opportunity cost of holding non interest asset gold. This makes goldETFThere has been a significant outflow. Data shows that the world's largest goldETF—SPDRLast Friday's position decreased compared to the previous trading day16.6Tons, the largest daily outflow in over half a year.

Reuters technical analyst Wang Tao said that spot gold is expected to be tested again per ounce1261If the support level of the US dollar falls below, it may fall to1251US dollars. Gold price needs to be effectively broken through1300The US dollar level is expected to rise strongly.

Spot gold  http://quote.fx678.com/symbol/XAU