Gold closes higher for the fourth straight day

Gold prices rose on Wednesday, for the fourth straight day, while the US dollar edged lower against its peers.

The US government revealed that the federal budget recorded a deficit of $162.8 billion in January vs. $32.5 billion in the same period during 2020.

The US consumer price index rose 0.3% in January, which came on par with analysts' forecasts.

The dollar index fell against a basket of currencies by less than 0.1% to 90.3 points as of 19:42 GMT, after it hit a high of 90.5 points and a low of 90.2 points.

Gold April futures rose 0.3% or $5.20, and closed at $1842.7 an ounce, and posted 2% weekly loss, with today’s high at $1856.6, and the low at $1834.