Gold prices rise to their highest levels ever

Gold prices rose to their highest levels ever, today, to continue their gains for the sixth session against the backdrop of the dollar twice and increase bets to reduce American interest rates this month.

Gold in instant transactions increased by 0.5 percent to $ 3492.26 an ounce by 0157 GMT, after he recorded a high record of $ 350.50.50 earlier. And US gold futures increased December 1.4 percent to reach $ 3563.40.

“The natural result of the weak economy and the expectations of lowering US interest rates enhance precious metals,” said Kyle Roda, a financial market analyst at Capital.com.

“There is another factor in the crisis of worsening confidence in the dollar assets due to the attack of US President Donald Trump on the independence of the Federal Reserve,” he added.

Trump criticized the Federal Reserve (the US Central Bank) and its president, Jerome Powell, for months due to the failure to reduce interest rates, and Powell recently criticized the costly renewal of the bank’s headquarters in Washington.

US Treasury Secretary Scott Besent said yesterday that the council is independent and must be independent, but added that the bank “made a lot of mistakes” and defended Trump’s right to dismiss the council member, Lesa Cook because of the fraud allegations linked to a real estate mortgage.

Dealers currently expect 90 percent that the council will reduce the interest rate by 25 basis points on September 17, according to the CEMIS.

Gold, which does not generate returns, is usually reinforced in the low interest rate environment.

The expectations for reducing interest rates and concerns about the independence of the federal reserve on the dollar, which is near its lowest level in more than a month against its competitors, has implemented, making gold less expensive for buyers abroad.

Friday data showed that the Personal Consumption Expenditure Index in the United States increased by 0.2 percent on a monthly basis and 2.6 percent on an annual basis, both of which are in line with expectations.
Investors are now looking for non -agricultural job data to be issued on Friday to determine the expected reduction in the interest rate.

As for other precious minerals, silver in instant transactions fell 1.5 percent to $ 40.61 an ounce, after it has recorded its highest levels since September 2011 in the previous session.

Platinum increased by 1.6 percent to $ 1417.16, and palladium decreased by 0.9 percent to $ 1126.63.