Gold prices rise amid the decline in the dollar

Gold prices rose today, supported by a slight decline in the dollar exchange rate and bond returns, while investors are closely waiting for the developments of commercial negotiations in light of US President Donald Trump’s expansion of the customs duties war.

Gold increased in instant transactions 0.3 percent to $ 3322.46 an ounce by 01:57 GMT.

US gold futures rose 0.3 percent to $ 3331 an ounce.

On Wednesday, Trump expanded his campaign of customs fees and announced new customs duties by 50 percent on copper imports and 50 percent fees on goods from Brazil, both of which will start on August 1.

Today, Trump also issued notifications of customs duties on seven small commercial partners, to add to 14 other countries that were issued earlier in the week and included South Korea and Japan.

The customs duties will enter into force on the first of August, unless the agreements are reached.

Meanwhile, Trump said commercial talks are going well with China and the European Union.

The dollar index fell 0.3 percent, while the return on US Treasury bonds fell for ten years from the highest level in 3 weeks.

The low returns reduce the cost of alternative opportunity to possess alloys that do not generate returns.

The decline in the dollar makes gold cheaper for the holders of other currencies.

For other precious metals, silver increased in instant transactions 0.2 percent to $ 36.41 an ounce, platinum fell 0.3 percent to $ 1343.22, and palladium increased 0.1 percent to $ 1106.25.