Gold prices are high due to the decline in the dollar

Gold prices jumped today, with the dollar fell and commercial tensions were renewed in the wake of the US Treasury Secretary reaffirming the threats of President Donald Trump to impose customs duties, which strengthened the demand for gold as a safe haven.

Gold rose in instant transactions 0.7 percent to $ 3223.55 an ounce by 0215 GMT.

US gold futures rose 1.3 percent to $ 3228.70.

Gold had decreased by more than two percent on Friday, recording its worst week since last November, amid the increasing demand for risk as a result of the commercial agreement between the United States and China.

The dollar index fell 0.3 percent today, Monday, which made the gold in dollars cheaper for foreign currency holders.

“Reducing the Moody’s credit rating agency and the accompanying risk decline on the side of the market has returned some momentum to the price of gold,” said Tim Water, a chief market analyst at KCM, said.

“Trump will impose customs duties at the rate that he threatened last month on commercial partners who are not negotiating in good faith on the agreements … and gold is a hedging tool of economic and geopolitical turmoil and is recovering in light of the low interest rates.”

For other precious minerals, silver increased in immediate transactions 0.5 percent to $ 32.42 an ounce.

Platinum rose 0.3 percent to 990.71 dollars, and palladium increased 0.5 percent to 965.23 dollars.