Gold prices rose slightly on Wednesday to continue rising for a second day in a row, to maintain the momentum of receding from the lowest level in three weeks, supported by the halt of the rise of the US currency against a basket of currencies.

Gold prices rose by 0.1% as of 10:50 GMT to trade at $ 1,285.88 per ounce from the opening level of $ 1,284.89, and recorded a high of $ 1,286.52 and a low of $ 1,283.08.

Gold prices rose 0.4% on Tuesday, the first gain in four days, in retreats from a three-week low of $ 1,276.80 an ounce the previous day.

The dollar index fell by 0.1% on Wednesday, continuing its decline for the second day in a row, with the correction from the highest level in three weeks at 96.13 points, reversing the rise of the US currency against a basket of currencies.

USD rising comes as slower dollar demand is seen as the best alternative investment, with strong signs that the United States and China will reach an agreement that will end the growing trade disputes between the world’s two largest economies.

Gold holdings in the SPDR Gold Trust Fund The world’s largest gold-backed index was unchanged yesterday for a second day in a row to reach 809.76 metric tons, the highest level since June 29, 2018.