The price of gold rose again during trading today, Tuesday, in the European session, after it stopped yesterday within the correction and profit-taking operations, and the current rise in gold prices is due to the decline of the US dollar against many other major currencies, in addition to the high demand for buying gold as a safe haven in the financial markets. This is due to the escalation of geopolitical tensions on the Korean Peninsula.
At 10:40 GMT, gold prices rose to reach the price of an ounce at 1286.66 dollars from the opening price at 1284.62 dollars, and the highest price per ounce was recorded at 1287.14 dollars, while the lowest price was recorded at 1281.33 dollars.
The price of gold ended its trading yesterday, down by 0.5%, to record the first daily loss after gains that lasted four consecutive days, to enter this within the correction and profit-taking operations, after it recorded its highest level in five months at 1295.31 dollars per ounce.
Throughout last week’s trading, gold prices gained about 2.5%, to record the fifth consecutive weekly gain, in the longest weekly wave of gains since June 2016. These gains come due to the increased demand to buy gold as a safe haven in the markets.
During Tuesday’s trading, the US dollar index fell by 0.2%, recording the second consecutive daily loss, to reflect the extent of the increase in the dollar’s selling against other major currencies, especially low-yielding currencies, which would have been a strong motivation for the rise in gold prices due to the inverse relationship between between them.
The decline of the US dollar comes due to the impact of the weak data issued by the US economy, in addition to the recent statements by US President “Donald Trump” about the strength of the US dollar, which is detrimental to the competition of US companies against their peers, and the markets are awaiting the release of important US data on the housing sector and the industrial sector for the month of March .
Yesterday, the gold holdings of the “SPDR Gold Trust” rose by 6.51 metric tons, bringing the total holdings at 848.92 metric tons, the highest since mid-December 2016.
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