Gold resumes gains as dollar gets weaker

2019-03-15 12:27:21 GMT (Economies.com)
Gold resumes gains as dollar gets weaker

Gold in the European market rose on Friday, continuing its temporarily stopped gains of yesterdays within breathtaking operations, to be dealt once more at $1,300 an ounce, making its second consecutive weekly gain, based on the weak performance of the US dollar against a basket of currencies.

 

As of 08:43 GMT, gold prices are trading at $1,302.90 per ounce from the opening of $1,295.94. The highest is $1,304.40 and the lowest level is $1,294.01.

 

Gold prices fell 1.0% on Thursday, the first loss in three days, as investment demand stalled as most global stock markets rose.

 

During the week, Gold prices rose 0.5%, making its second consecutive weekly gain, based on the weak performance of the US dollar against a basket of currencies.

 

The dollar index fell on Friday by 0.15%, continuing its losses for the sixth day in a row, recording the lowest level in two weeks at 96.03 points, reflecting the continued decline of the US currency against a basket of global currencies, which comes in favor of high gold prices and other metals denominated in US dollars.

 

The US dollar continued to fall as economical data in the United States confirmed on Thursday, that there is a growing pressure on the path of growth at the world's largest economy, weakening the chances that the Federal Reserve will raise US interest rates at least once this year.

 

Gold holdings in the SPDR Gold Trust Fund-The largest gold-backed fund- remained unchanged for yesterday, bringing the total to 772.46 metric tons, the highest level since March 1.

 
 
 
  Symbol Last Change Chg.%
1.1315
-0.0011
0.0940%
1.3121
-0.0175
1.3147%
15.487
0.192
1.255%
59.684
1.302
2.230%
67.81
-0.06
0.09%
1310.760
8.450
0.649%
 
 
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