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MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: October 24 – 28
MTECHTIPS- Gold prices fluctuated between small gains and losses on Friday before ending almost flat as investors compared the effect of the stronger dollar and expectations for increased demand from India on the precious metal. Gold for December delivery on the Comex division of the New York Mercantile Exchange ended down 45 cents or 0.04% at $1,267.05 a troy ounce. Prices fell to lows of $1,261.50 earlier in the session. The U.S. dollar index hit its highest levels since early February on Friday amid heightened expectations that the Federal Reserve will hike interest rates before the end of this year. Investors currently price a 64% chance of a rate hike at the Fed’s December meeting; according to federal funds futures tracked Investing.com’s Fed Rate Monitor Tool. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. But prices continued to be underpinned by expectations of increased seasonal demand from India as the festival season, when buying gold is considered auspicious, gets underway at the end of the month.
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