Gold rises more than $ 3,300 an ounce

Gold prices have increased today, with investors’ demand for purchase, but the decline in trade tension between the United States and the European Union limited the gains, while the market is awaiting the report of basic personal consumption expenses in the United States in search of indicators on interest rates.

The price of gold in instant transactions increased 0.3 percent to $ 3308.99 an ounce, at 02:37 GMT, slightly recovering from one percent decrease in the previous session.

US gold futures rose 0.2 percent to $ 330.30.

US President Donald Trump retreated from his threat to impose 50 percent customs duties on the European Union, postponing its application to the ninth of July to provide the opportunity for negotiations between the White House and the 27 countries.

“The price of gold has decreased below 3300 dollars attracted some buyers. However, the broader market still feels optimistic in general now after the intensity of trade tension between the United States and the European Union has diminished, which limits the extent of the price of gold at the present time,” said Tim Water, chief market analyst in KSC.

Meanwhile, the confidence of the US consumer was recovered in May, ending a five -month decline, supported by a temporary truce in the trade war between the United States and China.

In terms of other precious metals, the price of silver in instant transactions settled $ 33.31 an ounce, platinum rose 0.4 percent to $ 1084.07, and palladium decreased 0.2 percent to 976.22 dollars.