Gold rises supported by the dollar decline

Gold rose slightly, today, supported by the decline in the dollar, with investors awaiting more clarity on the commercial policy between the United States and its commercial partners and their aspiration to know the Federal Reserve (US Central Bank) decision of monetary policy later in the week.

By 00:31 GMT, gold in instant transactions rose 0.2 percent to $ 3245.01 an ounce.

US gold futures rose 0.3 percent to $ 3252.00 an ounce.

The US dollar index fell 0.1 percent against competing currencies, which increased the attractiveness of gold for other currencies.

Last week, the Chinese Ministry of Commerce said that the United States has been ready several times to negotiate customs duties and that Beijing welcomes talks.

US President Donald Trump said that Jerome Powell will not dismiss the position of the Federal Reserve Speaker before the end of his term in May 2026, but he described Powell as “completely solid”, repeating the call to reduce interest rates.

Traders reduced their bets that the Federal Reserve will reduce interest rates in June, after the US Department of Labor reported that the owners of companies added more jobs than expected in April, and the unemployment rate settled at 4.2 percent, indicating the continued balance of the labor market.

The market will focus on the US Central Bank’s decision and a number of officials this week to explore the path of monetary policy in the future.

The Chinese market is scheduled to resume trading tomorrow, Tuesday, after it has been closed since May 1 on the occasion of Labor Day.

For other precious minerals, silver increased in instant transactions 0.1 percent to $ 32.02 an ounce, platinum fell 0.5 percent to 954.88 dollars, and palladium fell 0.2 percent to 951.36 dollars.