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Gold Rises on Weak Dollar; Fitch Gives Neutral Outlook
Wednesday, 7 November 2018 17:29 WIB | PRECIOUS METALS |GOLDEMASBullionEmas berjangka

Gold advanced as the dollar weakened after President Donald Trump's party lost full control of Congress in the U.S. midterm election.

Bullion for immediate delivery added 0.5% to $1,233.55/oz. Bloomberg Dollar Spot Index weakened 0.5%.

Fitch Solutions Macro Research said it's neutral on prices in the next six months, citing monetary policy normalization by the Fed and a stronger dollar, which will limit the attractiveness of gold. It predicted a œmodest rebound in prices over 2019 and 2020 as the U.S. economy starts to slow.

The Fed is expected to leave the main interest rate unchanged at a meeting on Thursday.

Holdings in gold-backed ETFs rose to 2,135.5 tons as of Tuesday, highest since Aug. 10.

Silver +1%, platinum +0.9%, highest since June and palladium +0.3%.

Source: Bloomberg

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