December 25, 2017
ma
Gold prices on the European market rose on Friday to continue to rise for the third straight day, again approaching the highest level in two weeks, the second consecutive weekly gain is about to be realized, based on the weakening of the US dollar against most of the world's currencies.
Gold rose by 0.2% up to 08:32 GMT to deliberate at the level of $1268.22 of the opening level of $1266.23, registering the highest level of $1268.54, and the lowest level of $1264.97.
Yesterday's gold prices ended at 0.1% high, the second daily gain, respectively, and the highest level in two weeks $1268.99 for the ounce, with the US dollar falling.
Over the course of the current week, gold prices have risen by about one percent, about the second weekly gain, respectively, with recovery operations continuing from the lowest level in five months, and by supporting the rise of most of the minerals denominated in United States dollars.
The dollar index spreads near the lowest level in three weeks of 92.74 points, reversing the continuing weakening of the US currency against a basket of global currencies, which is in favor of the rise in US dollar-denominated metals.
The large American currency retreat this week is due to the investors ' assessment of future risks due to the application of the new tax law in the United States, which lies in the exorbitant bill, which is expected to lead to the rise of the country's debt and increased bond issuance and widening of the deficit By balancing, reduces the chances of recovering inflation levels in the country, and thus the chances of increased interest rates by the Federal Reserve Board.
The US Congress on Wednesday formally approved the country's tax reform bill, which includes the biggest reform in 30 year of the U.S. tax law, the bill, worth $1.5 trillion, was sent to President Donald Trump for signature.
Gold holdings at SPDR Gold Trust, the largest global indicator fund supported by gold, remained yesterday with no change for the second consecutive day at a total of 836.02 metric tons, the lowest level since 11 September last September.
