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.
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.