bullish gold
Gold prices rose during today’s trading, despite the strong rise of the dollar once morest the major currencies, but the yellow metal succeeded in achieving weekly gains and benefiting from investors’ fears following economic data, as investors turned to gold as a safe haven and a way to hedge once morest inflation.
Economic data revealed that the consumer price index in America rose by 8.6% on an annual basis in May, the highest level since 1981, and also exceeded expectations for an increase of 8.3%.
Speculations are growing that the Federal Reserve will speed up its interest rate hike decisions during its upcoming meetings.
On the other hand, the dollar index ( once morest a basket of major currencies) rose at exactly 11:59 pm Mecca Al-Mukarramah time by 0.9% to 104.1 points, and achieved weekly gains by 2%.
At the end of the session, gold futures contracts for August delivery rose by 1.2%, or $22.7, to $1,875.5 an ounce, and achieved a weekly gain of 1.4%.
