© Archyde.com. Gold prices are rising strongly and exceeding $2,000 an ounce!
Arabictrader.com – It rose strongly with the passage of trading today, Thursday, in light of some important developments that boosted the demand for the yellow metal as one of the most important safe havens ever, to continue the yellow metal rising above the level of $2000 an ounce.
During today’s trading, spot metal contracts rose by approximately 1.65%, and recorded about $2,002 an ounce. At the same time, gold futures contracts rose by about 3%, and recorded about $2,004 an ounce.
Gold prices have benefited from some developments that have boosted demand for it, and on top of that, expectations are strengthened that the US Federal Reserve will stop raising US interest rates and tighten monetary policy further during its upcoming meetings, especially after the US Federal Reserve decided to raise interest rates by about 25 basis points only during its meeting yesterday, Wednesday, and raised interest rates. Concerns about stopping monetary tightening and hints that this may be the last tightening of the year.
At the same time, gold prices benefited from the negativity of US economic data, led by new US home sales data, as data released by the US Census Bureau, today, Thursday, revealed that new US home sales rose less than market expectations during last February, for the first time since February 7. months, as new home sales recorded about 640 thousand, while expectations were for recording about 650 thousand, and the previous reading of the index had recorded about 670 thousand requests last January, and it was revised downward to 633 thousand only.
Likewise, the decline that measures the performance of the US currency against about 6 major currencies was a major reason for the rise of gold today, as the dollar index settled near the level of 102.34 points, and in light of the inverse relationship between the two parties, the weakness of the dollar always has positive repercussions on gold and vice versa. correct.
In addition, gold prices still find support during today’s trading from the US Treasury Secretary’s warnings of a new economic catastrophe, as US Treasury Secretary Janet Yellen called on the US Congress to raise the debt ceiling, and warned of a financial and economic catastrophe unless the debt ceiling is raised. , indicating that they focus on achieving stability in the banking system and increasing people’s confidence in it.
Among the prices of other metals, spot contracts rose by 2.38% and recorded about $23.328 an ounce, and platinum contracts rose by 0.46% and recorded about $991.55. Meanwhile, metal contracts decreased by 0.63%, and recorded about $1436 an ounce.