Gold prices have been stable for today; Friday, at the European market within a limited range of trading close to the high over one week, driven by the fall of the US dollar against a basket of global currencies. It is expected that upon overtaking this level, prices will achieve the third weekly gain in a row.
Gold prices have been trading up to 9:15 GMT at $ 1291.12 per ounce from the opening level of $ 1291.37 and registered the high of $ 1293.31 and the low of $ 1289.57.
Gold prices have lost yesterday less than 0.1%, in the first loss over three days, driven by correction processes, after they had recorded the highest level over one week at 1294.96 $ per ounce.
The dollar index fell by 0.1%, resuming its losses for the fourth consecutive day, recording a five-week low of 92.93 points, because of the continued US currency selling transactions against most of the world currencies, which comes in the favor of the price rise of metals and commodities denominated in US dollar.
The fall of the US dollar is pushed by the decline of possibility of accelerating the pace of raising the US interest rate in the medium and long terms, especially after the release of the last meeting minutes of the Federal Reserve, which showed the concern of US monetary policymakers regarding the weakness of inflation pace in the country and the focus on economic data when raising the interest rates in the future.
SPDR Gold Trust, the world’s largest gold-backed index fund, remained unchanged yesterday at 843.39 metric tons, for the eighth consecutive day.