Gold prices rose on Wednesday to maintain gains for a second day in a row, supported by a weaker US dollar against a basket of currencies, ahead of key data on US inflation in January.
Gold prices rose by more than 0.1% as of 10:22 GMT to trade at $ 1.311.95 per ounce from the opening level of $ 1,310.51, and recorded the highest level of $ 1,314.28, and the lowest level of $ 1,309.35.
Gold gained 0.15% on Tuesday, the third gain in four days, supported by the decline of the US dollar against a basket of currencies.
The dollar index fell 0.1% on Wednesday, continuing its losses for the second day in a row, with the correction from a two-month high of 96.98 points, reflecting the decline of the US currency against a basket of global currencies, which currently supports the rise of gold and other metals Denominated in US dollars.
The US dollar’s decline comes ahead of the release of key US data on key inflation levels in January, which provides fresh evidence of the possibility of a hike in US interest rates this year.
The Federal Reserve confirmed at its meeting late last month to be patient when raising interest rates during the year, which reduced the prospects for the implementation of the cycle of raising US interest rates in 2019, and the US central in need of strong data on growth and inflation to rethink the possibility of raising prices again .
Gold holdings at SPDR Gold Trust The world’s largest gold-backed fund fell yesterday by 3.23 mt to a total of 798.89 mt, the lowest level since January 10.