Gold exceeds $5,300 for the first time as confidence in the US dollar declines
Gold prices exceeded the level of $5,300 per ounce for the first time, today, Wednesday, driven by a decline in confidence in the US dollar, and concerns about the independence of the Federal Reserve Bank, which boosted demand for the precious metal as a safe haven.
And Spot gold price rose 1.5% to $5,266.22. per ounce by 12:25 GMT, after hitting a record level of $5,311.31.
Gold futures in the United States (February delivery) rose by 3.5% to reach $5,260.40 per ounce.
Meanwhile, the US dollar fell near its lowest levels in 4 years on Wednesday, after President Donald Trump ignored the recent deterioration of the US currency, making… Dollar-denominated metal bullion is more attractive to foreign buyers.
Today, the eyes of the markets are directed towards the monetary policy meeting of the Federal Reserve (the US central bank), where it is expected to remain Interest rates are unchanged, and investors are awaiting the press conference of Federal Reserve Chairman Jerome Powell, amid growing concerns about the independence of the central bank.
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