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Posted on: Tuesday, April 4, 2023 – 5:52 am | Last updated: Tuesday, April 4, 2023 – 5:52 AM
Gold futures prices started the new week’s trading with a significant increase today, Monday, with the decline of the dollar and the increasing contraction in the activity of the manufacturing sector in the United States.
The dollar value index fell once morest the other major currencies to 101.98 points, down by 0.33% from its level on Friday at the end of the last trading week.
The price of the yellow metal rose today by $14.20 to $2000.40 an ounce for next June delivery. On the other hand, the price of silver fell by $0.135 to $24.021 per ounce for next May delivery, and the price of copper fell by $0.0490 to $4.0455 per pound for next May delivery.
The rise in the price of gold as an investment haven came following the state of anxiety raised by the decision of the OPEC Plus countries yesterday to reduce its oil production by one million barrels per day, starting from the beginning of next month, which fuels concerns regarding the inflation rate, while Saudi officials said that the decision to cut came as a precautionary measure to support stability. world oil market.
In terms of economic news, data published today, Monday, showed that factory activity in the United States declined in March by more than expectations, reaching its lowest level since May 2020.
The US Institute of Supply Management stated that the US manufacturing sector activity index declined over the past month to 46.3 points, while the average forecast of analysts polled by Bloomberg News was 47.5 points.
An indicator reading of less than 50 points indicates a contraction in the economic activity of the sector, while a reading of more than 50 points indicates a growth in activity. During the past month, the index recorded its lowest level since 2009, excluding the period of the emerging Corona virus pandemic.
