Gold Futures Rise as Weaker Dollar Boosts Buying Interest

New York Gold Futures Close Higher on Weaker Dollar

New York gold futures closed with gains on Friday (September 15, 2023), bolstered by the depreciation of the dollar, which favored investors in purchasing gold contracts. The COMEX gold contract for December delivery rose $13.40, or 0.7%, to close at $1,946.20 per ounce, marking a 0.2% weekly increase.

• Money Agreement:

  Another notable development was the rise in the money agreement, scheduled for distribution in December. It surged 39.20 cents, or 1.70%, to close at $23.386 per ounce.

• Platinum Contract:

  The platinum contract set to be delivered in October also experienced a positive trend, climbing $18.40 or 2.02% to close at $929.50 per ounce.

• Palladium Contract:

  However, the palladium contract for December delivery saw a slight decline, dropping $2.10 or 0.2%, to close at $1,252.70 per ounce.

The rise in gold futures to almost $1,950 was primarily driven by the weakening dollar, thereby boosting the appeal of gold investments. With the depreciation of the dollar, gold contracts have become more affordable for holders of other currencies.

Notably, the dollar index, which measures the dollar’s performance against a basket of six major currencies, slipped 0.06% to 105.3192.

Looking ahead, investors will closely monitor the upcoming US Federal Reserve’s monetary policy meeting scheduled for next week. Market expectations suggest that the Fed will maintain interest rates at 5.25-5.50%. A key point of interest will be the release of the Fed’s policy interest rate forecast (commonly referred to as the dotted plot), along with significant figures on inflation, unemployment, and US economic growth.

Furthermore, The Fed Chairman, Jerome Powell, will hold a press conference following the meeting, where he will address questions from the media regarding the future direction of interest rates.

New York gold futures Closed positive on Friday (15 September 2023) as the depreciation of the dollar is a factor in favor of buying gold contracts.

The COMEX (Commodity Exchange) gold contract will be introduced in December. Up $13.40 or 0.7% to close at $1,946.20/ounce. and rose 0.2% this week.

Money agreement to be distributed in December. Up 39.20 cents, or 1.70%, to close at $23.386/ounce.

Platinum contract to be delivered in October. Up $18.40 or 2.02% to close at $929.50/oz.

Palladium contract to be delivered in December. it fell $2.10, or 0.2%, to close at $1,252.70/ounce.

Gold futures rose near $1,950, supported by a weaker dollar. This increases the attractiveness of gold. By making gold contracts cheaper for holders of other currencies

by dollar index The index, which measures the dollar’s movement against six major currencies in the basket, fell 0.06% to 105.3192.

Investors will be keeping an eye on the US Federal Reserve’s (Fed) monetary policy meeting next week. While it is expected that the Fed will maintain interest rates at 5.25-5.50% at its meeting on 19-20 September.

In addition, the market will await the release of the Fed’s policy interest rate forecast (dotted plot), as well as figures for inflation, unemployment, and US economic growth.

Meanwhile Jerome Powell The Fed Chairman will hold a press conference and answer questions from the media about the Fed’s interest rate direction.

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