Gold prices rose Wednesday in the Asian market to record its highest level in nearly six months, as well as the improvement of USD, which recorded a limited rise for the second consecutive session, and this rise in prices today is supported by a clear improvement in levels of investment demand for the metal being Of safe havens, especially amid growing concerns about slowing global economic growth and partial US government closures.
By 0645 GMT, gold was up 0.4% on spot trade to trade at $ 1273.71 an ounce. The metal rose during morning trade to its highest level since June 20th at $ 1274.68. Gold also rose in US futures About 0.5% to record the level of 1277.6 dollars an ounce.
Over the past week, gold prices gained 1.5% to record their second weekly gain in the last three weeks. This recent rise in prices is supported by weak performance in the US currency and a clear improvement in investment demand for safe assets, The large decline that has dominated the majority of the global stock markets in the recent period.
On the other hand, the US dollar rose by about 0.01% to trade around 96.59 points, reflecting the rise of the US currency against a group of other major currencies, despite this rise in the US currency today, but the gold prices managed to maintain gains during trading as a result of investors On risk and demand for safe havens assets, particularly gold and silver.
Financial markets are looking for several important data from the US economy on US housing data due for release later today. The S & P House price index is expected to slow to 4.8% versus 5.1 in September.
Despite the recent improvement in the US currency, it still faces many negative pressures, especially in view of the increasing political tensions in the United States, which caused a partial closure of the US government, which is expected to continue until the third of January, The US Senate to break the stalemate over US President Donald Trump’s demand for greater funding to build a border wall with Mexico. The dollar has also been adversely affected by continuing concerns about the weakness of the global economy and its negative impact on the world’s largest economy.
On the other hand, silver was up 0.9% in spot trade to reach $ 14.86, while platinum also rose 0.6% to $ 787.49 an ounce. Palladium rose 0.1% to trade at $ 124.60 an ounce.