Gold touches the highest level in two weeks

Gold reached the highest level in two weeks, today, supported by the weakness of the dollar and concerns about US financial expectations, while investors are awaiting more American economic data in pursuit of further clarity on the course of interest rates.

The price of gold in instant transactions stabilized at $ 3339.99 an ounce by 02:28 GMT.

The markets in the United States and London were closed yesterday, Monday, on the occasion of a holiday.

US gold futures fell 0.8 percent to $ 3339.80.

“We are currently witnessing some stability in gold prices. The market takes a break and is waiting for the next catalyst,” said Kelvin Wong, the chief market analyst for the Asia Pacific region in Onda.

However, market participants are concerned about the expansion of the US budget deficit, which represents a gold prices, which also contributes to the weakness of the dollar.

The dollar index decreased 0.3 percent to hover near its lowest level in a month against its competitors, making gold more attractive to other currencies.

The House of Representatives approved last week a copy of the draft US President Donald Trump’s bill to reduce taxes, which the Congress budget office expected to add about $ 3.8 trillion to the debts of the federal government of $ 36.2 trillion over the next decade.

Meanwhile, Trump retracted his threat to impose 50 percent customs duties on imports from the European Union next month, returning to a final date that expires on July 9th to allow talks between Washington and the European Union to reach an agreement.

Investors will also focus this week on the speeches of a number of policy makers in the Federal Reserve (US Central Bank), and the basic personal consumption expenses index issued next Friday, to obtain indicators on interest rates.

In terms of other precious metals, the price of silver in instant transactions increased 0.1 percent to $ 33.38 an ounce, platinum stabilized at $ 1084.28, and palladium decreased 0.3 percent to 984.25 dollars.