The rise in gold prices due to the decline in the dollar

Gold prices jumped today, with US President Donald Trump threatening to double customs duties on steel and aluminum imports, while the dollar’s decline in support of the precious metal in US currency.

Gold rose in instant transactions 0.6 percent to $ 330.89 an ounce by 00:56 GMT.

US gold futures increased 0.6 percent to record $ 3333.30.

The dollar index fell 0.1 percent, making gold less expensive for other currencies.

On Friday, Trump announced his intention to raise customs duties on steel and aluminum imports from 25 percent to 50 percent, prompting the European Commission to warn that Europe is preparing to respond.

The investors are currently expected that the Federal Reserve (the US Central Bank) would reduce interest rates by 50 basis points this year starting from October.

On the data front, the US Personal Consumption Index witnessed an increase of 2.1 percent year on April, compared to 2.2 percent expected.

For other precious minerals, silver increased in instant transactions 0.2 percent to $ 33.04 an ounce, platinum fell 0.2 percent to $ 1054.28 and pacalium settled at $ 970.79.