Gold shines again … exceeding $ 3,000 an ounce

Gold prices rose again over the level of $ 3,000 an ounce (Ona), today, with the dollar declining and the escalation of trade tension between the two largest economies in the world, which strengthened the demand for safe haven assets.

By 14:58 GMT, gold rose in immediate transactions 0.8 percent to $ 3007.69 an ounce.

Gold prices fell to its lowest level in more than three weeks yesterday, Monday, recalling its highest record, which it recorded last week at 3167.57 dollars.

US gold futures increased 1.6 percent to $ 3021.90.

“Despite the decrease in gold for three consecutive sessions, the demand for yellow metal is still strong with increased trade tension and the possibility of US interest rates reduced,” said Lockman Autonoja, chief research analyst at FXTM.

“The penetration of the $ 3055 barrier an ounce may open the way for a return to 3100 and 3130 dollar levels an ounce, while the continued decline below the 3000 dollar level may lead to gold falling towards 2950 and 2930 dollars,” he added.

Anxiety has increased the outbreak of a global trade war since US President Donald Trump announced the imposition of counter -duties on April 2, raising fears of stagnation and pushing investors towards safe assets such as gold.

China has pledged not to be submitted to what it described as an American “blackmail” with the absence of indicators to this day on the decline in a global trade war that was ignited by the comprehensive customs duties imposed by Trump.
Gold jumped 15 percent since the beginning of the year.

Gold prices received support due to the decrease in the dollar index against its competitors, making the yellow metal less expensive for other currency holders.

The markets are awaiting the latest record of the monetary policy meeting, which is scheduled to be issued by the Federal Reserve (US Central Bank) tomorrow, Wednesday.

Dealers expect 40 percent that the Federal Reserve will reduce interest rates in May.

Gold, which does not generate returning to the rise in the low interest rate environment.

For other precious minerals, silver increased in instant transactions 0.1 percent to $ 30.15 an ounce. Platinum increased 0.2 percent to 915.25 dollars, while palladium fell 1.23 percent to 907.43 dollars.