MTS Help Center

• Gold prices fell to their lowest in a week on Friday, and were set for their biggest weekly fall since August, on a firmer dollar as the U.S. Federal Reserve indicated they will continue to raise interest rates, lowering demand for bullion.

Spot gold fell 0.4 percent to $1,218.23 per ounce at 0357 GMT, having touched its lowest level since Nov. 1 at $1,218.08.

Gold was down 1.2 percent for the week, its biggest weekly decline since the week of Aug. 17.

U.S. gold futures fell 0.3 percent to $1,221.70 per ounce.

• “Gold has come under pressure because of a stronger dollar. Also the FOMC meeting showed no change in the interest rates. Market sentiment from here could be bearish for gold,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The dollar gained against its major peers on Friday as the Fed on Thursday kept interest rates steady but reaffirmed its monetary tightening stance.

The dollar index, which measures the greenback against a basket of six major currencies, climbed about 0.8 percent in the previous session.

• “We remain cautious on gold here as roughly half the recent advance seems to have been rolled back in recent days on account of a stronger dollar and more resiliency in U.S. equity markets,” said INTL FCStone analyst Edward Meir in a note.

“In addition, U.S. interest rates seem to be on the march again... there is not much of an upside trigger that could lead to a sustainable rally.”

Spot gold is expected to test a support at $1,211 an ounce, with a good chance of breaking below this level and falling more to $1,202, said Reuters technical analyst Wang Tao.

• Among other precious metals, silver fell 0.6 percent to $14.32 per ounce. The metal was headed for its biggest weekly percentage decline in nine weeks, slipping about 2 percent so far.

• Platinum dipped 1.2 percent to $853.45 an ounce, its lowest level in a week. The metal was down about 1 percent so far for the week, its biggest fall since late September.

• Palladium was down about 0.3 percent to $1,120.60 per ounce, though it was up 0.6 percent for the week, set for its fourth weekly gain.

• Gold is trading in a bull trend above its 200-period simple moving average (SMA) on the 4-hour chart.

Gold retraced to the 1,220.90 support level. Bulls might try to support the market here. The RSI, MACD and Stochastic indicators are negative suggesting potential continued bearish momentum.

However, a break below the level can open the doors to 1,211.80 (October 31 low).