Stability of gold prices above the level of $ 1200 an ounce
The price of gold stabilized during Thursday's trading in the European market within a narrow range of transactions, as a result of continued weak levels of investment demand for safe assets, particularly gold and silver, despite the stability of the prices today, but it remains near the barrier of 1200 dollars an ounce Supported by the decline of the US dollar against a basket of major and minor currencies.
By 10:35 GMT, gold was trading around $ 1202.97 an ounce from the opening level of $ 1203.83, reaching a high of $ 1206.57 and a low of $ 1201.31.
The precious metal ended yesterday's trading up 0.5%, marking its second daily gain in three sessions, due to the rise in the majority of commodities and metals priced in US dollars.
Over the past week, gold prices fell by 0.2%, marking the third consecutive weekly loss, under pressure of slowing investment demand for safe assets, led by gold and silver.
On the other hand, the US dollar fell during Thursday's trading by more than 0.35%, continuing its losses for the second session in a row, thus recording the lowest level in nearly eight weeks at 93.79 points, reflecting the continuation of the decline of the US currency against the majority of major currencies and secondary, Which is currently contributing to the support of gold prices being priced in dollars and because of the inverse relationship between them.
The recent drop in the US currency comes amid investors ignoring the crisis of trade disputes between the US and China, as well as slowing demand for the dollar as the best alternative investment. In addition to focusing investors on the fundamentals, especially the recently released data on the US economy, Inflation in the United States, raising doubts about whether the Federal Reserve could increase US interest rates by two more times this year.
Gold holdings in SPDR Gold Trust, the world's largest gold-backed fund, continued yesterday with little change to remain at a total of 742.23 metric tons, the lowest level since 19 February 2016.