Gold futures prices rose during Tuesday’s trading following falling during the past days, while the value of the dollar fell once morest other major currencies and the yield on US decimal bonds.
The yellow metal benefited from growing concerns regarding inflation and slowing economic growth.
This comes as investors await the European Central Bank’s decisions on Thursday, in light of expectations that the bank will confirm its intention to end its bond-buying program.
The dollar value index fell once morest the major currencies during New York trading today to 102.31 points, following rising in European trading to 102.84 points.
The gold price rose today by 8.70 dollars, or 0.5%, to 1852.10 dollars an ounce for delivery next August.
The price of silver rose by 0.086 dollars to reach 22.178 dollars an ounce for delivery next July, while the price of copper rose by 0.000 dollars to reach 4.4355 dollars per pound for delivery next July.
In terms of economic news, data released in Germany showed that industrial demand continued to decline for the third month in a row during last April, as a result of the decline in demand and increasing uncertainty due to the Russian war in Ukraine.
The German Federal Statistical Office stated that the demand for factories in Germany declined last April by 2.7 percent compared to the previous month, following taking seasonal variables into account, while it had fallen by 4.2 percent per month during last March, according to the revised data.
In the United States, data from the US Department of Commerce released today showed a significant decline in the trade balance deficit during last April.
The ministry stated that the trade balance deficit decreased last April to $87.1 billion, compared to $107.7 billion in March. Analysts had expected the trade deficit to decline to $89.5 billion, compared to $109.8 billion in the previous month, according to preliminary data.
The decline in the trade balance deficit came at a time when exports rose by 3.5 percent to $252.6 billion, while the value of imports declined by 3.4 percent to $339.7 billion.
