Gold edged up 0.1%, analysts said prices
could dip below $1000
On December 10 news in the morning Beijing time, according to market observation, gold futures closed Wednesday rose slightly, mainly due to the influence of the decline in the dollar.
The New York mercantile exchange (COMEX) February delivery of gold futures prices rose $1.20, closed at $1076.50 an ounce, up 0.1%, the highest intraday hit $1085 an ounce, minimum hit $1068.70 an ounce.
But at the same time, analysts and investors have started to discuss the price of gold could fall to $1000 an ounce.Market participants worry that once the fed to raise interest rates next week really decided, then gold prices could fall to $1000 an ounce, this price means the price fell sharply under 7% compared with the current level.
Gold "was roughed up by speculators on the New York mercantile exchange, they bet on the fed will raise interest rates next week, at the same time also betting on, no matter what the federal reserve's decision to other speculators would react."The world's largest online physical gold traders bullion vault research director Adrian Ash (Adrian Ash) said.
Gold prices were mixed in Wednesday's trading, and a few minutes before closing keep rising trend, the reason is used to track the dollar against six major currencies exchange rate changes international intercontinental exchange (ICE), the dollar index was down, and the main driver of fall in the dollar is the strength of the euro.
The federal reserve to raise interest rates could weaken gold attractive to investors, this is because gold is a kind of service assets.At the same time, the federal reserve to raise interest rates also tend to push the dollar exchange rate rise, but under normal circumstances, the dollar rose would lead to gold, in dollar termscommoditiesFutures prices fell, the reason is the cost of investors holding other currencies to buy these goods will be high.
However, "the gold price looks easy will further weaken, reason is that traders are still focus on the fed is likely to be the prospect of the decision to raise interest rates next week", GoldCore research director mark o 'brien (GoldCore) said.,
"If the fed as expected raise interest rates by 25 basis points", so the price of gold will probably fall, o 'brien said.At the same time, "given the technical () in the gold market is very weak, and the weak investor sentiment on the market in the west and kinetic energy, gold appears to be quite likely to fall to $1000 an ounce. Moreover, gold is now seems to be on the move in that direction".
The federal reserve will be announced on December 16, its monetary policy decisions.
"Prices may again test $1000 an ounce, but if the fed to raise interest rates next week, and gold has not dipped below $1000, would show that gold is likely to have bottomed out."Eric hinske chief strategist at CMC Markets Colin deed (Colin Cieszynski) said.
On December 2nd, gold futures closed at $1053.80 an ounce, its lowest close since February 2010.
In addition, "the Chinese lunar New Year is approaching, demand from China should provide gold prices remain above $1000 an ounce in support, and should stimulate prices rose in January next year."O 'brien said.
Other metals trading on the New York mercantile exchange, for delivery in March next year silver prices rose 7.3 cents, closed at $14.189 an ounce, up 0.5%, after the contract fell 1.5% in trading yesterday.
In march next year, while copper prices rose 1.2 cents, closed at $2.066 per pound, up 0.6%.Delivery period in January platinum prices rose $19.30, closed at $865.80 an ounce, up 2.3%.For delivery in March next year period palladium prices rose $4.45, closed at $552.35 an ounce, up 0.8%.