Gold prices rise again due to improved investment demand

Mohammed Abdelkhalik
August 23, 2021
Gold prices

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Gold prices rose during trading today, in the European market to maintain their daily gains for the second consecutive session, approaching again from trading near the level of 1800 dollars an ounce.

By 09:50 GMT, the spot price of gold was up by about 0.6%, to trade around the level of 1791.09 US dollars per ounce, from the opening level of today’s session at 1780.37 dollars, and it reached the lowest price at 1776.44 dollars per ounce.

At the conclusion of trading on Friday, the precious metal “gold” managed to end the session with a rise of more than 0.1%, in the second daily gain during the last three sessions, as prices received some support recently due to the halt in the dollar’s ​​rise against a number of currencies.

Gold prices are rising after the USD decline

Gold prices

In terms of the US dollar index trading, the index fell during today’s session by about 0.25% in the second consecutive daily loss, to move away from its highest level in nine months at 93.73 points, reflecting the continued selling of the US currency against most major and secondary currencies, which currently contributes to supporting The movements of gold and other metals priced in dollars.

Other than the selling, the dollar levels are declining at the moment as investors wait for more new signs that monetary policy tightening in the United States is imminent.

And in the clearest indication yet of the impact of the mutated “delta” strain of the Coronavirus on the plans of the Federal Reserve, the restrictions of Covid-19 prompted the central bank to hold the annual economic seminar in Jackson Hole on August 27, virtually, and not in person, as scheduled.

This week, Fed Chairman Jerome Powell will speak at the symposium on the economic outlook.

Expected economic data

Investors are awaiting later today, many important economic data in the United States on the main sectors that make up the largest economy in the world, and these data are supposed to show the extent to which the growth of the economy has improved during the third quarter of this year 2021.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.