This morning on the European trading session, gold prices rose after the head of the Federal Reserve Janet Yellen declined to comment about plans of the Central Bank to raise interest rates in December. However, the growth of dollar can be tempered as "American" will first restore its position after the reduction.
Gold futures on the Commodity Exchange in New York for December supply fell by 0.36% to $1081.00 per ounce. It is likely that futures will be able to receive support at $1086.00, the minimum value of Thursday, also it is a record low for the past 5 years. The resistance level is at $1091.40, the highest value since November 11th. Let us recall that the US dollar has lost some of its positions because of the restrained comments of Fed Chairman Janet Yellen for any specific prospects of the economy and monetary policy. Yesterday, the US Labor Department announced about the number of initial applications for unemployment benefits: the level has not changed versus 276 000 last week. Although experts believed decrease in this indicator to 270 000. Nevertheless, the dollar is still strong and there is a demand for it. This is largely due to strong employment data in the United States, which were published last week, and gave occasion to speak with more confidence about the rise of interest rates at the December meeting. Such news have a negative impact on gold, as it is extremely difficult to oppose anything to profitable assets during the rate increase.
News on other metals: silver futures for December supply rose by 0.49% to $14.295 an ounce. Copper futures with a similar supply fell by 0.64% to $2.159 per pound.