Gold prices rose on Friday to continue gains for the second day in a row, based on the barrier of $ 1,300 an ounce, which currently supports prices against the strength of USD, and slow investment demand for the metal as a safe haven.
Gold prices rose by 0.2% as of 0840 GMT to trade at $ 1.315.05 per ounce from the opening level of $ 1,312.54 and recorded the highest level of $ 1,315.70 and a low of $ 1,311.41.
Yesterday’s yellow metal gained 0.5%, the second gain in three days, with prices holding above $ 1,300 an ounce, supported by the US dollar rally.
The yellow metal continued its gains for a second straight day from the psychological barrier of $ 1,300, which currently supports prices in the face of increasing negative pressure, especially the strength of the US dollar performance and slowing investment demand for the metal as a safe haven.
USD index rose more than 0.1% on Friday, resuming gains halted by a correction and profit taking, to try again to reach a two-month high of 97.10 points earlier in the day, reflecting the dollar’s strong performance against a basket of currencies, Which puts pressure on the price of gold and other metals denominated in US dollars.
This strong performance of USD in the recent period supported investors’ focus on buying the dollar as the best current investment in the foreign exchange market and supporting the rise in risk appetite in the markets, especially as the United States and China approach the announcement of a comprehensive trade agreement.