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Gold prices rose during the trading session today at the beginning of the week’s trading, to maintain their gains for the fifth consecutive session, approaching again from touching its highest levels in a month and a half, recorded earlier on Friday.
By 09:45 GMT, the spot price of gold was up by about 0.6%, to trade around the level of $1803.68 an ounce, from the opening level of today’s session at $1793.48, and recorded its lowest level at $1792.24 an ounce.
Gold in US futures also rose 0.2% to $1,805.19 an ounce.
At the conclusion of trading on Friday, the precious metal “gold” rose by 0.6%, in the fourth consecutive daily gain, recording its highest level in a month and a half at $1813.94 an ounce.
Gold prices were able to achieve gains of 1.5 percent over the course of last week’s trading, to record its second consecutive weekly gain, as prices received more support recently thanks to the decline of the US dollar against most international currencies.
In terms of the US dollar index trading, the index fell during today’s session by about 0.2% in the second consecutive daily loss, thus recording its lowest level within four weeks at 93.48 points, reflecting the continued selling of the US currency against most major and minor currencies, which contributes Currently, it supports the price movements of gold and the rest of the metals priced in dollars, according to the inverse relationship between them.
This recent decline in the US currency comes under pressure from the slowdown in dollar purchases as the best alternative investment, especially after the recent statements of Federal Reserve Chairman Jerome Powell and US Treasury Secretary Janet Yellen.
Jerome Powell said in his remarks on Friday that it is time to start reducing the bond-buying program, but it is not yet time to start increasing interest rates, especially given that employment rates are still low.
In his remarks, Powell indicated that the main inflation levels in the country may recede during the next year 2022.
For her part, Janet Yellen said on Sunday that the United States will not lose control of inflation and that the pace of inflation may return to normal by the middle of next year.
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.
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