Gold jumps to the highest level in 4 months

Gold recorded the highest level in more than 4 months today, taking advantage of the increase in bets on the Reducing the Federal Reserve (US Central Bank) interest rates this month, while silver rose above $ 40 an ounce for the first time in more than a decade.

Gold rose in instant transactions 0.8 percent to $ 3475.72 an ounce by 02:38 GMT, recording the highest level since April 23.

And US gold futures for December delivery rose 0.9 percent to $ 3546.10.

“Cautious comments from the President of the Federal Reserve in San Francisco Marie Dali, traders, helped exceed the personal consumption expenses that were high on Friday and kept the door open to reduced the interest rate by 25 basis points this month,” said Matt Simpson, Senior analyst at City Endex.

Simpson added that the US Court of Appeal also considered that most of the customs duties imposed by US President Donald Trump are illegal, which increased pressure on the dollar and led to the rise in gold to its highest level in four months.

The data showed that the Personal Consumption Expenditure Index in the United States increased 0.2 percent on a monthly basis and 2.6 percent on an annual basis, both of which are in line with expectations.

In a post on social media on Friday, Dali repeated her support to reduce the interest rate, given the risks to the labor market.

American commercial actor Jamison Jarir said on Sunday that the Trump administration continues its talks with commercial partners despite a ruling from an American court of appeal that most of the customs duties imposed by Trump are illegal.

Silver in instant transactions rose two percent to $ 40.44 an ounce, its highest level since September 2011.

“The US official holiday contributes to reducing liquidity, which also exacerbates some moves in gold and silver,” said Tim Water, a chief market analyst in KCT, said.

“Silver ascends in response to the expectations of US interest rates,” he said.

Platinum rose 0.8 percent to 1375.41 dollars, and Palladium rose 1.1 percent to $ 1121.09.