Gold shines again against the weakness of the dollar

Gold prices have increased today, with the increase in demand for safe haven due to the blurring that surrounds the trade relations between the United States and China and global economic fears, while the dollar twice the dollar provided additional support.

Gold rose in instant transactions 0.6 percent to $ 3370.67 an ounce by 02:09 GMT.

US gold futures rose 0.5 percent to $ 3394.90.

“We are likely to see the return of buyers at low prices to the image, and if you look at the Asian session today, the rise is also due to the decline in the strength of the dollar,” said Kelvin Wong, a chief market analyst for the Asian region and the Pacific of Onda.

He added: “Things are still unconfirmed, especially for the commercial relationship between China, the United States to the European Union and the United States.”

Gold is a safe haven in light of the state of economic uncertainty.

Chinese Foreign Minister Wang Yi told the American ambassador to Beijing on Tuesday that the United States should create the conditions necessary for the return of bilateral relations to the “right track”.

The White House indicated that President Donald Trump and his Chinese counterpart Xi Jinping may hold talks later in the week to discuss commercial differences.

The United States announced that it would abandon the doubling of customs duties on steel and aluminum imports from Britain.

The dollar index decreased 0.1 percent, making the price of the US currency price less expensive for buyers from other currencies.

Global economic concerns exacerbated after the Organization for Economic Cooperation and Development warned on Tuesday of a more severe economic slowdown than expected, as the commercial policies of the Trump administration strongly affect the American economy.

Wong said that the report of the Organization for Economic Cooperation and Development: “It will definitely be another supportive factor to see the safe demand (resort) is also increasing from a medium -term perspective.”

Economic data showed increased job opportunities in the United States in April, but layoffs rose to the highest level in nine months, indicating the slowdown in the labor market.

The Federal Reserve officials (the US Central Bank) confirmed yesterday, Tuesday, their caution on monetary policy, and attributed this to the risks resulting from trade tensions and economic certainty.

In terms of other precious minerals, silver increased in instant transactions 0.3 percent to $ 34.59 an ounce, platinum increased 0.5 percent to $ 1079.62, and palladium settled at $ 100.94.