Gold continues to rise as interest rate cut hopes increase and the dollar declines
Gold prices witnessed a slight rise today, Monday, driven by increasing expectations of a reduction in US interest rates, which put pressure on the dollar, ahead of the bank meeting The Federal Reserve (the US central bank) rose this week.
The The price of gold in spot transactions rose by 0.2%, reaching $4,206.36 per ounce by 11:27 GMT, and US gold futures (February delivery) fell by 0.2%, reaching $4,235.60 per ounce.
Silver rose 0.3% to $58.43 per ounce, after recording its highest record level at $59.32 on Friday.
And in Other precious metals: Platinum rose 0.9% to $1,656.61, and palladium increased 1.2% to $1,475.11.
In contrast, the US dollar index fell, hovering near the lowest level in a month that it recorded on December 4, making dollar-priced gold more expensive for buyers abroad.
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