01.10.202015:30 Forex Analysis & Reviews: Dollar adds optimism to gold

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The price of December gold futures on the New York Comex exchange rose by 0.14%, reaching $ 2.65. December silver futures also rose (by 1.03% to 23.735 dollars per ounce). Futures for the USD index, which reflects the ratio of the US dollar to a basket of six major currencies, were 0.19% lower, trading at $ 93.752. Today is characterized by an increase in gold futures prices during the Asian trading period. In general, the price of gold rose by 3.9% in the third quarter, and by 22% in the first nine months.

Statistics for the United States, which was published on Wednesday, fully met the expectations of investors regarding the recovery of the country's economy. There is no doubt that the US dollar is a guarantor for traders and a more reliable asset. For this reason, strong macro statistics added confidence to investors and pushed them to take risks. This kind of phenomenon restrained the demand for the currency.

It is worth recognizing that gold is also as important for investors as the US dollar, being no less a safe asset. However, according to analysts, the main indicator and incentive for gold remain the US dollar exchange rate. The falling dollar can support gold prices. Gold, in turn, loses value for investors who use a different currency.

Today, there is some relief in the market, and this is because the dollar rally has come to an end, and many investors are focusing their attention on the problems of restoring the global economy.

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