Gold at the highest level in two weeks

Today, gold prices rose to the highest level in two weeks, amid investors’ demand for safe haven as a result of increasing concerns about the levels of US government debt and poor demand for treasury bonds for 20 years, highlighting the low demand for American assets.

Gold rose in instant transactions 0.7 percent to $ 3336.43 an ounce by 0446 GMT, after he recorded the highest level since the ninth of May.

US gold futures increased 0.7 percent to $ 3337.60.

The dollar is hovering near the lowest level in the two weeks that it recorded in the previous session, making the American currency gold cheaper for other currencies.

“The bullish reflection of gold is supported by the dollar weakness and the risks of continuous inflationary recession in the American economy,” said Corphen Wong, a chief market analyst in the Asian region, and the Pacific of Onda.

A committee in the US House of Representatives voted yesterday, Wednesday, in favor of moving forward in the comprehensive draft law adopted by President Donald Trump for spending and lowering taxes, which paves the way for voting in the Council in the coming hours.

The US Treasury witnessed a weak demand to sell $ 16 billion bonds for 20 years, yesterday, Wednesday.

This is not only heavily on the dollar, but also Wall Street, with workers already anxious after Moody’s reduced the US credit rating last week.

“It seems that gold resumes its long-term upward trend after its failure to withstand the level of 3,200 dollars. I expect a year of high levels around 3450-3500 dollars,” said Elia Spavak, head of the total economy department in Teste Life.

Gold is usually seen as a safe investment in times of economic and geopolitical turmoil.

For other precious metals, silver increased in immediate transactions nearly one percent to $ 33.66 an ounce, platinum fell 0.4 percent to $ 1072.43, and palladium fell 1.4 percent to $ 1023.50.