Gold prices rose by 0.2% as of 10:45 GMT to trade at $ 1,288.15 per ounce from the opening level of $ 1.285.99 and recorded the highest level of $ 1,292.29 since June 15, 2018 and the lowest level of $ 1,285.16.
Gold prices rose 0.4% on Wednesday, the third gain in the last four days, as investment demand on safe haven assets continued to accelerate.
The Dollar Index fell more than 0.3% on Thursday, resuming losses that were suspended yesterday, reflecting the decline of the US currency again against a basket of currencies, which currently supports the rise in prices of gold and other metals denominated in US dollars.
The US dollar’s decline comes after 10-year US bond yields fell to their lowest level in nearly a year as doubts over the prospects for US interest rates rise this year as signs of slowing global economic growth and its negative impact on the US economy surged.
In light of the concerns of the global economic recession, open sales in the global stock markets are increasing at the moment, while buying of safe assets, especially precious metals, gold and silver and low-yield currencies, is increasing in the yen and the Swiss franc.
Gold holdings with SPDR Gold Trust The world’s largest gold-backed index rose yesterday by 7.64 metric tons, bringing the total to 795.31 metric tons, the highest level of holdings since 1 August 2018.