Gold prices jump to $ 21 amid a weak US economy

Gold prices jump to $ 21 amid a weak US economy

Gold prices jump to $ 21 amid a weak US economy

Gold prices rose during the immediate transactions, on Wednesday, at about 2% amid the dollar’s decline at a great pace, following a disappointing data on consumption rates in the United States of America.

Gold prices jumped through instant trading Wednesday, to $ 1218.12 an ounce, after weak US data and volatility in the bond markets.

Gold rose in the spot trading by 15:15 (GMT) for $ 20.83 to $ 1214.51 an ounce.

The dollar index against a basket of six major currencies, was 0.96% up to the level of 93.695.

The dollar declined amid weak US economic indicators, including reinforcing expectations not to raise interest rates by June 2015, which increases the investors directed towards the yellow metal as a safe haven.

Statements by the US Census Bureau showed on Wednesday, US retail sales fell to zero in April compared to 0.9% in March

The Labor Department said Wednesday, that import prices fell by a seasonal 0.3% in April, and so prices become declining for the tenth month in a row, and remain, down from the 10.7% rate recorded over the past year.

And non-oil imports fell 0.4% in April from March 2015 and 2.7% from last year, the largest drop for 12 months since October 2009.

The data confirm expectations that the Federal Reserve will be forced to delay raising interest rates until later in 2015, after the latest figures showed that the US economy grew only 0.2% in the first quarter.

The data showed, Wednesday, to enter Greece again in recession during the first quarter, while the euro zone’s economy grew thanks to the “big four”, Germany, France, Italy and Spain, together for the first time since early 2010.

The markets are looking forward to the release of US jobs data on Thursday, which will be closely watched to measure the exact strength of the US economy for the Fed’s policy interest rates towards the President.

On the other hand, metals, silver prices rose by 3.36% to a level of $ 17.0860 an ounce.

Palladium to $ 2.4 prices rose to a level of $ 782.65, and platinum prices have risen about $ 17.22 to around $ 1146.02.

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