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The latest news on the bullion market
Ron Schouten | October 5, 2017

Gold dropped lower mainly because of the Fed’s statement that it would increase rates in December. In its statement the Fed forecasts three more rate hikes in 2018. In addition they announced that its balance sheet is going to be reduced, pointing to a potential tightening of its monetary policy. Gold is currently testing support levels at $ 1275 per ounce.

On the other hand is gold finding support from the conlict that is still brewing between Catalonia and Spain. On Monday, the Catalan President Puigdemont will issue a statement on the outcome of last Sunday’s referendum and its consequences and It is certainly conceivable that he will declare Catalonia’s independence.  The coming US labour market data could be distorted gold to the downside as a result of Hurricane Harvey, which the market is likely to take into account. If there is no negative surprise, the gold price could be sliding below the 100-day moving average of $1,273 per troy ounce.