Gold prices consolidate above $1,300 as USD retreats

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Gold prices rose on Tuesday to hold trading above the psychological barrier of $1,300 per ounce, in resistance to the continued rise in levels of USD against a basket of major and secondary currencies.

Gold prices rose 0.35% as of 10:10 GMT to trade at $ 1,312.27 an ounce from the opening level of $ 1,307.72 and recorded a high of $ 1,313.86 and a low of $ 1,306.53.

Gold prices lost 0.5% on Monday, the first loss in three days, under the pressure of the greenback rally. For the same reason, the yellow metal fell 0.3% over last week, recording its first weekly loss in the last three weeks.

Gold prices consolidate above ,300 as USD retreats

Prices of gold currently support investment demand on the precious metal as a safe asset, amid fears of a global economic slowdown this year and uncertainty about the possibility of the United States and China reaching a comprehensive trade agreement.

The dollar index rose 0.1% on Tuesday, extending its ninth day in a row, among the longest daily gains since November 2016, hitting a two-month high of 96.98 points, reflecting the continued strong rally of the US currency against a basket of major and minor currencies.

Gold holdings with the SPDR Gold Trust Fund The largest gold-backed global index funds remained unchanged yesterday, with the total trading at 802.12 metric tons, the lowest level since January 10.

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