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Gold prices retreated during today’s trading, Thursday, in the European session, in the second consecutive daily loss, to trade again near the lowest level in nine months, which they reached earlier in this week’s trading, and this decline in prices today comes under the pressure of the continued rise of the US dollar for the second day on Respectively against most major and minor currencies.
This comes on the cusp of economic developments and data anticipated by the US economy, “the largest economy in the world”, which includes the speech of the Governor of the Federal Reserve, “Jerome Powell”.
At 09:10 GMT, the spot price of gold was down by 0.4%, to trade the price of an ounce around the level of $ 1707.80, compared to the opening level at $ 1708.40, and early in the session, it reached the highest price at $ 1719.21 an ounce.
Gold also fell in US futures by 0.2%, recording a level of $ 1717.50 an ounce.
Since February 22, gold prices have lost nearly 5%, equivalent to $ 93, and during Tuesday’s trading, that was the only positive session in seven sessions, as prices rose by 0.6% or $ 10, in an attempt to recover from the lowest level in 9 months at $ 1701.40 an ounce, However, the rise in the US dollar index has put a lot of pressure on the gold movement and pushed it to retreat again.
Regarding the trading of the US dollar, the index rose during the trading session on Thursday, March 4, by about 0.3% to maintain its daily gains for the second consecutive session, approaching once again touching its highest level in four weeks at 91.39 points, reflecting the continued buying of the US currency against a number of Competing currencies, which is currently pressing negatively on the price movements of gold and other metals priced in dollars.
The recent rise in US currency levels is supported by the continued focus of investors on buying the dollar as the best alternative investment, and their reluctance to buy high-risk currencies, especially in light of the increasing tensions around the bond market in the United States, and the possibilities of tightening US monetary policy.
Otherwise, the US Senate has postponed discussions on the country’s new fiscal stimulus package of $ 1.9 trillion for relief from the Coronavirus crisis until at least Thursday.
Returning to other precious metals trading, silver rose during spot transactions today by about 0.4% to reach the level of 26.17 US dollars per ounce, and platinum increased 0.2% to 1169.68 dollars, while palladium gained 0.3%, recording the level of 2361.08 dollars per ounce.
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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