Taking advantage of the dollar’s decline, gold rises for the second session in a row
This comes in light of continued optimism in the coming week.
The resumption of central banks’ purchases of the yellow metal also helped push prices higher.
The price of gold benefited from the decline in the price of the dollar in general and geopolitical tensions in the world.
The dollar index fell
The dollar value index fell to 105.80 points in morning trading, before recovering part of its losses to record 106.05 points.
The price of gold rose by $26.30, or approximately 1%, to $2664.90 per ounce for delivery this month.
The price of silver rose by $1.0300, or approximately 3.3%, to $32.216 per ounce for delivery this month.
While the price of copper rose by $0.0825, or approximately 2%, to $4.2210 per pound.
High wholesale warehouse inventory
In terms of economic news, data issued by the US Department of Commerce showed that wholesale warehouse stocks in the United States rose during last October within expectations.
The ministry stated that inventory rose by 0.2% during October, which is what analysts had also expected after a decline of 0.2% during the previous month.
The slight increase in wholesale warehouse inventories came with durable goods inventories rising by 0.1%, while non-durable goods inventories increased by 0.3% during October.
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