December 31, 2017
ma
Gold prices rose on the European market on Friday to continue for the seventh day in a row, the highest level in four weeks, near the barrier of $ 1,300 per ounce, due to the decline of the US dollar against most of the world currencies, and gold prices achieved the second annual gain, respectively, thanks to improved levels Investment demand on the metal as a safe haven.
Gold prices rose by 0.2% as of 09:00 GMT to trade at $ 1296.50 per ounce from the opening level of $ 1294.75 and recorded the highest level of $ 1296.92 since November 28 and the lowest level of $ 1293.85.
Gold prices ended yesterday's trading up 0.6%, the sixth daily gain in a row, among the longest daily gain since early October, with most of the metal prices still rising in US dollars.
The dollar index fell 0.3%, extending its losses for a fourth day in a row, reaching a three-month low of 92.10 points as the US currency continued to sell against most currencies, especially after 10-year US bond yields fell.
US 10-year yields fell this week by 5 basis points, and fell 7 basis points on Wednesday, the biggest daily drop in four months, as risk aversion eased in late-year trading.
The US currency fell broadly last week as concerns mounted over the risk of implementing the new US tax law, which lies in the $ 1.5 trillion bill that is expected to boost the country's debt, increase bond issuance, widen the budget deficit, Chances of recovering inflation levels in the country, and thus of opportunities for interest rate increases by the Federal Reserve.
For the year 2017, gold prices have soared 12.5% to reach their second straight annual gain as investment demand for the metal continues to improve as global political tensions escalate, especially those related to the US-North Korea conflict. Apart from Spain, along with political instability in Germany with the difficulty of forming a new coalition government, and continuing conflict in different regions in the Middle East and the Arabian Gulf.
The price of gold also strengthened this year, weakening the pace of US inflation, with the pace away from the targets of central banks in Europe and Japan, which means that these banks continue to stimulate the economy to achieve inflation targets.
Gold holdings in the SPDR Gold Trust Fund The world's largest gold-backed fund was unchanged yesterday for a second consecutive day at a total of 837.5 mt, and holdings so far in 2017 have increased by 3% to 23.63 mt.
