Gold records a weekly rise due to the weakness of the US dollar

Gold prices recorded an increase last week, after touching their highest levels in 3 weeks during trading on Friday, thanks to the weakness of the US dollar and continued purchases of the yellow metal.

This came at a time when the focus is on US economic data and changes in interest rates as a result of the policies proposed by US President-elect Donald Trump.

During the past week, gold futures prices for February 2025 delivery rose by 0.85 percent, reaching the level of $2,654.7 per ounce.

In Friday trading, gold futures prices fell by 0.55 percent, or $14.3.

To limit the depth of the yellow metal’s losses, the dollar index – which measures the performance of the US currency against a basket of six major currencies – fell by 0.4 percent to 108.95 points.

Commodity strategist at Wisdom Tree, Nitish Shah, said that the new US president’s agenda that supports increasing tariffs has strengthened the dollar and created significant fundamental pressure on metal markets.

Trump is scheduled to officially take office on January 20, after pledging more than once to impose high customs tariffs on imports from many countries, which heralds an imminent global trade war.