The price of gold continues to rise in light of the decline of the US dollar after the Trump scandal

The price of gold rose during trading today, Wednesday, achieving the fifth daily gain in a row, in the longest series of daily gains in a month. In addition, the markets are increasingly concerned about the policies of US President Donald Trump.

Currently, gold futures contracts for “June delivery” are trading at $1,2354.80 per ounce, from the opening level of the trading session at $1,236.40.

The US dollar index fell during today's trading by 0.23% to trade at 97.31 points, the lowest in six months from the opening level at 98.09 points.

These heavy losses come in light of renewed market concerns about US President Donald Trump's ability to implement his economic plans against the backdrop of increasing internal political tensions in the United States after US President Donald Trump dismissed the Director of the Federal Bureau of Investigation, James Comey, after he rejected Trump's request. The failure to investigate his security advisor, Michael Flynn, in the incident of Russian interference in the previous US elections.

Comey has published a report that Trump was involved in leaking highly classified information to Russian Foreign Minister Sergei Lavrov during their meeting in the White House last week about a plan developed against the Islamic State, which is a major scandal in the White House.

On the other hand, the American Democratic Party commented on these events as a major scandal and a blatant interference with the integrity of the American judiciary, as it considered it a crime and its perpetrators must be held accountable, while the American Congress requested all documents related to this issue in order to investigate this case and show the truth to the American people.

On the other hand, the US economy issued a set of negative data this week, which negatively affected the prospects for the decision to raise interest rates during the Federal Reserve’s meeting next June, which in turn negatively affected the levels of the US dollar and pushed it to decline against many major currencies. other.

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Mohamed Abdel Khaleq

A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.

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