December 27, 2017
ma
Gold prices on the European market surged on Wednesday to expand their earnings for the fifth consecutive day, registering the highest level in four weeks, based on the decline of the United States dollar against a basket of global currencies, gold prices tend to record the second annual gain, respectively, with continued improvement in levels Investment demand for metal as a safe haven.
Gold rose by 0.2% until 10:10 GMT to deliberate at the $1285.40 level of the opening level of $1283.24, registering the highest level of $1286.46, and the lowest level of $1281.31.
The gold price ended yesterday's dealings with 0.6% high, in the fourth consecutive day gain, with most of the prices of the Valuation Items rising in US dollars, and over the past week, prices have reached a 1.5 percent rise, the second weekly gain, respectively.
The dollar index dropped 0.3 percent, continuing its losses for the second consecutive day, registering a minimum of four weeks of 92.59 points, reversing the continuing sale The American currency versus a basket of global currencies, which supports gold prices being denominated in dollars and their cost goes down for For other currency holders.
The recent decline in the US currency has been due to mounting concerns about the risks of applying the new tax law in the United States, and that lies the risk in the bill is exorbitant, which is expected to lead to higher debt and increased bond issuance and budget deficits , reducing the chances of recovering inflation levels in the country and thus of increasing interest rates by the Federal Reserve Council.
Over the current year, gold prices have risen by more than 11%, with the second annual gain, respectively, as demand levels continue to improve investment on metal as a safe haven, amid mounting global political tensions, especially those related to the United States-Korea conflict , and the claim of the province of Catalonia to secede from Spain, along with political instability in Germany, with the difficulty of forming a new coalition government, and continuing the conflict in various regions of the Middle East and the Arabian Gulf.
Gold holdings of the SPDR Gold Trust, the world's largest gold-supported indicator fund, increased yesterday by 1.48 metric tons to a total of 837.5 metric tonnes.
