Gold prices on the European market rose again Wednesday near the highest level in two weeks, to resume gains that have been temporarily suspended in the correction, the rise comes in support of USD decline against a basket of currencies.

Gold prices rose by 0.2% as of 10:45 GMT to trade at $ 1,223.72 per ounce from the opening level of $ 1,221.59 and recorded the highest level of $ 1,225.46 and the lowest level of $ 1,219.76.

Gold prices fell 0.2% on Wednesday, the first loss in six days, with corrective and profit-taking activity after prices earlier in the session hit a two-week high of $ 1,228.76 an ounce.

The dollar index fell 0.2% on Wednesday, resuming its losses, which were suspended yesterday in the breath and recovery from the lowest level in two weeks, reversing the decline of the US currency again against a basket of international currencies.

As we know that the decline of the US currency in favor of the rise in prices of metals and commodities denominated in US dollars, making them low cost for holders and consumers of other currencies.

The US currency fell to its lowest level in two weeks, after comments by a number of Federal Reserve policymakers on the weak growth of the global economy in 2019 and its possible negative impact on the path of growth of the world’s largest economy, which may hinder the implementation of the cycle of raising US interest rates next year.

For its part, Goldman Sachs predicted that the dollar would fall by around 6% in 2019, and that the US economy will slow down due to increased tax cuts and ease of credit handling during the year.

Gold holdings in the SPDR Gold Trust Fund The world’s largest gold-backed index funds remained unchanged yesterday at a total of 760.86 metric tons.