Gold prices hit their highest level in a month, taking advantage of the dollar’s decline, as the precious metal became more attractive to buyers. And gold rose by 0.2%, to reach its price of 1871.28 dollars per ounce.
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Gold at the highest level in a month as the dollar declines
Gold prices achieved their highest level within a month, today, Friday, in light of the decline in the dollar, which put the precious metal on the path of recording the third consecutive weekly increase.
At 02:14 GMT, gold rose in spot transactions by 0.2 percent, to reach the price of an ounce (an ounce) $ 1871.28, the highest level since the ninth of May. Gold prices are up regarding 1 percent this week. US gold futures also jumped 0.2 percent to $1,874.50 an ounce.
The dollar fell, making gold more attractive to buyers from holders of other currencies. Gold prices rose more than one percent on Thursday, supported by the decline in the dollar and data that revealed that wages in the US private sector increased less than expected last month.
Indications of an economic crisis might support the demand for gold, which investors consider a safe haven asset. As for other precious metals, silver increased in spot transactions 0.5% to $22.39 an ounce, and it recorded an increase of 1.4 percent this week.
Platinum rose 0.2 percent to $ 1024.57 an ounce and rose by regarding 7.4 percent this week, the highest increase since May 2021.
And palladium rose 0.5 percent to 2064.20 dollars an ounce.