Gold resumes uptrend as dollar declines

Gold prices rose today, to advance again after it fell yesterday on profit-taking from a 1-week high, while the US dollar dropped against a basket of currencies, ahead of a speech by the US Fed Chair Jerome Powell, which may include hints about the future of the US rate cuts during this year.

Gold was lower by 0.7% and reached $1,503.32 an ounce as of 10:22 GMT, after opening at $1,493.40, with a session-high of $1,504.80, and a low of $1,487.05.

Gold closed lower by 0.8% yesterday, for the first time in the last 5 days, to surrender its 1-week high of $1,519.46 on profit-taking.

While the dollar index fell by more than 0.1% today, to resume its slide, which was temporarily halted yesterday for the first time in the 5 five days, which come in favor of gold and other dollar-denominated metals.

This downturn for dollar comes due to mounting concerns over a US economic recession, in addition increased bets for the US Federal Reserve to continue cutting interest rates to counter slowdown risks.

The US Federal Reserve Governor, Jerome Powell, will deliver a speech by 17:50 GMT, titled "Data Dependence in an Evolving Economy" at the 61st Annual Meeting of the National Association of Business Economics, in Denver, and may include hints about the future of the US rate cuts during this year.

Gold holdings at the SPDR Gold Trust, remained unchanged yesterday for the third day at 923.76 metric tons.