Weaker Dollar .. – Up Gold … Predictions


Gold rose yesterday as we saw the US dollar emerging weaker. The dollar, as reflected in the DXY Currency Index, fell 0.17% yesterday, which reduced last week’s gains. The DXY Currency Index is priced against the basket of major world currencies such as the Swiss franc, the euro, Japanese yen, the Swedish krona, the Canadian dollar, and the British pound. As investors awaited the start of the FOMC (Federal Open Market Committee) two-day meeting today, gold for December delivery on COMEX, a commodity division of the New York Mercantile Exchange, traded in a tight range between $1,162.10 and $1,169.60 per ounce. Silver had a trading range bound from $15.77 to $15.98 per ounce.