Gold jumps to its highest level in two weeks due to the US dollar's decline

Gold prices during the European market on Wednesday jumped to the highest level in two weeks, due to the US dollar decline to its lowest level in a month against a basket of currencies amid receding bets of the Federal Reserve to raise US interest rates this year.

By the time 09:40 GMT, gold is trading around $ 1252.48 per ounce from the opening level of $ 1243.91 and recorded its highest level of $ 1253.35 the highest since May 23ed, and a low of $ 1242.95.

Gold prices yesterday fell 0.1 percent, within the breathtaking operations, after it posted a rise of 2.9 percent over two days with the biggest gain during this period since late April .

The dollar index fell 0.3 percent, extending losses for the second consecutive day, marking the lowest level in a month 93.67 points, reflecting the continued sale of the US currency operations against most currencies, due to decline in stakes of increasing US interest rates during the Federal Reserve June current July next meetings.

Now traders do not see any opportunity to increase US interest rates at the Federal Reserve meeting at June 14 to 15 , down from 22 percent the average bets end of last month, and the the stakes of the increase in July to18 percent, down from 55 percent.

This decline is due to Janet Yellen president of the Federal Reserve ststments in the state of Philadelphia, which did not specify any timing to increase interest rates but stressed confidence in the economic improvement of the country, in addition to the jobs data on Friday, which recorded the lowest pace of new job in non-farm sector in United States since May 2011.

Gold holdings at SPDR Gold Trust Fund the world's largest gold-backed funds indices yesterday remained unchanged at Total 881.15 metric tons.

In China, the largest consumer of metals in the world gold purity of 99.99 percent rose 0.7 percent to 264.79 yuan per gram (US $ 1253 per ounce) on the Shanghai Gold Exchange.