Gold price in the European market on Thursday settled within a limited range of trading near the highest level in two weeks recorded earlier in the day, to keep prices trading above $ 1,200 an ounce supported by the decline of the dollar against a basket of currencies, and investors are looking forward to today’s data Is important from the US on key inflation levels, which provide strong evidence about the possibility of raising US interest rates twice more this year.
Gold prices are trading at around $ 920.00, or $ 1.206.17 per ounce from the opening level of $ 1,206.86. The highest level is $ 1,207.27 and a low of $ 1,203.37.
Gold prices rose 0.7% on Wednesday, the second daily gain in a row, and the highest level in two weeks of $ 1,208.46 per ounce, after exceeding the $ 1,200 barrier to support the decline of the US dollar.
The dollar index is trading near a two-week low of 94.69 points in early trading yesterday, reversing the weakness of the US currency against a basket of global currencies, which is in favor of higher prices for gold and other metals denominated in US dollars.
USD fell to a two-week low after weak data from the United States showed a contraction in producer prices in August for the first time this year, as well as fears of a deepening trade dispute between the United States and China. The US administration asked Donald Trump to hold trade talks With the Chinese government.
Investors are looking forward to important data from the United States on key inflation levels in the country, with consumer price data released in August, providing new evidence of the possibility of raising US interest rates twice more this year.