Gold declines near the lowest level in a week due to the strength of the dollar and Trump threats

Gold prices were near its lowest level in more than a week today, Wednesday, under the pressure of the dollar’s rise and the returns of treasury bonds, while the new threats of US President Donald Trump to impose customs duties to destabilize the markets.

The price of gold in instant transactions was $ 3301.50 an ounce by 02:34 GMT, and American gold futures decreased 0.2% to $ 3310.10.

Trump announced that he would impose 50% customs duties on copper imports, and will apply a duties that are threatened to impose on semi -conductors and medicines, according to Reuters.

Trump confirmed his threat to impose a 10% fee on the BRICS Group countries on Tuesday, a day after he was notified 14 countries, including Japan and South Korea, with increases in customs duties that would enter into force on the first of August.

The dollar index settled after approaching its highest level in two weeks in late Tuesday, while the US Treasury’s standard bonds were welcomed for 10 years near its highest level in three weeks.

“Gold prices are significantly steadfast this month in light of the high return of bonds and the strength of the dollar … and its ability to resist pressure indicates an underlying force and a tendency towards climb,” said Elia Spavak, head of the global macroeconomic department at Tast Life.

The height of the return from the cost of the alternative opportunity to possess gold that does not generate returns, while the weakness of the dollar makes gold accessible to other currencies.

Investors will closely monitor the minutes of the recent US Federal Reserve meeting, which is scheduled to be issued later in the day, in search of any indications of possible discounts in interest rates in light of the central bank’s central approach in this regard.

As for other precious metals, the price of silver in instant transactions decreased 0.5% to $ 36.58 an ounce, platinum fell 0.8% to 1348.78 dollars, and palladium fell 0.4% to 1106.29 dollars.