World Gold Prices Rise By Almost 1 Percent Impact Of Expectations For Cutting Interest Rates

Gold price (Photo: Antara)

JAKARTA - World gold prices continue to increase. The reason is, the price of gold futures contracts closed up at the end of this week's session.

Quoting Antara, the price of the gold futures contract in the COMEX New York Mercantile Exchange division rose on Friday, March 9 (Saturday morning WIB) due to the emergence of market expectations for the cut in interest rates.

The most active gold contract for April delivery rose by 20.30 US dollars or 0.94 percent to close at 2,185.50 dollars per ounce.

The US Department of Manpower reported on Friday that employment in the US non-farm sector increased by 275,000 jobs in February, while the unemployment rate rose to 3.9 percent. Economists estimate 198,000 new jobs and unemployment by 3.7 percent.

Employment data that is better than expected make US monetary policy players dovish, which wants to see a faster drop in interest rates.

The central bank's purchase of gold also prompted the rally of some of these new gold.

Market analysts argue that this increase has technical advantages and is a solid short-term momentum as a whole.

The next goal-up price target is to close above strong resistance at $2,250.00, while the next short-term price-down target for the drop is below solid technical support at $2,100.00.

Regarding the price of silver precious metals for May delivery, it fell 2.90 cents or 0.12 percent to close at 24.549 dollars per ounce. The price of platinum for April delivery fell 8.60 dollars or 0.93 percent to close at 914.80 dollars per ounce.