Gold rises thanks to the decline in the dollar

Gold prices have increased today, with the support of the dollar’s decline, while investors are waiting for non -agricultural job data in the United States to help expect the interest rates that the Federal Reserve (US Central Bank) will adopt amid the escalation of global trade tensions.

Gold rose in instant transactions 0.1 percent to $ 2921.19 an ounce by 0625 GMT, and US gold futures increased 0.1 percent to record $ 2929.30.

The dollar index fell to approach the lowest level in four months after the United States exempted car manufacturers from the 25 percent customs duties on Canada and Mexico for a month as long as it adheres to the existing free trade rules.

The White House said that US President Donald Trump is also open to hearing news about other products that must be exempted from customs duties.

“The (potential) delay in the US -toppled tariff war is pushing the dollar to decline, and for this reason it receives gold in support,” said Gigar Trevidy, the great analyst at Ryleins Securities.
“The general atmosphere is really positive for gold,” he added.

Gold is usually seen as a means of hedging in times of political risks and inflation, but the high interest rates reduce the attractiveness of the precious metal that does not generate returns.

The market is currently awaiting the non -agricultural job report that will be issued tomorrow, Friday. Economists polled Reuters said that the report is expected to show an increase of 160,000 jobs in February.

For other precious metals, silver fell 0.1 percent to $ 32.6 an ounce. Platinum settled at $ 965.6. Palladium rose 0.2 percent to 944 dollars.