November 30, 2018
ma
Gold prices in the European market rose on Thursday to continue their gains for the second consecutive day, supporting the US dollar fall against a basket of currencies, affected by the comments of Jerome Powell, head of the Federal Reserve, and to reassess those comments and their impact awaits investors later today Minutes of the last meeting of the Federal Reserve.
Gold prices rose by about 0.5% until 10:34 GMT to trade at a level of $1,226.12 per ounce from the opening level of 1, 220.40 $, and recorded the highest level of $1,227.37, the lowest level of $1,220.40.
Yesterday's gold prices rose 0.5%, at the first gain in four days, as part of the recovery operations from the lowest level in two weeks at $1,211.91 per ounce, and supported the US dollar downward following the comments of Jerome Powell.
The dollar index fell by 0.2% on Thursday, continuing its losses for the second consecutive day, reflecting the continued decline of the U.S. currency against most major and secondary currencies, which currently supports higher prices for gold and other metals priced in US dollars.
Jerome Powell, chairman of the reserve Board of the New York Economic Club, said, "American interest rates are a little less neutral," and investors interpreted these statements as the US interest rate hike is nearing its end, with Jerome's comments as a departure from his previous opinion last month Interest rates at the current scale are far from neutral.
In order to reassess these comments and their impact, investors await by 19:00 GMT the minutes of the last meeting of the Federal Reserve, which was held on 7-8 November November, and resulted in the maintenance of fixed interest rates at 2.25%, if the details To conform to Jerome's comments, it is expected that the U.S. currency will continue to fall and the rise of gold and other metals.
Gold holdings in the SPDR Gold Trust Fund, the largest gold-backed global indicator funds, remained unchanged yesterday for the second consecutive day for the total to continue at 761.74 metric tons.
