Gold prices traded during the Asian session on Thursday near the lowest level in two weeks, so with the dollar continuing to rise in the financial markets as well as demand for the precious metal as a safe haven decline in the markets.
At exactly at 03:15 GMT, the price of gold traded at $ 1187.90 an ounce after recording the highest at $ 1189.70 an ounce and the lowest level at $ 1187.20 an ounce, comes after gold prices fell yesterday to its lowest level in two weeks at the level of $ 1183.90 an ounce.
Gold lost its advantage as a safe haven in the market today due to the increasing demand for investment in the dollar as a financial item owner a better future in the financial markets, with the approach of the Federal Reserve Bank from raising interest rates, which increases the return on the dollar compared to gold.
On the other hand, we find that high levels of the dollar against other currencies overshadows the negative on gold prices in light of the inverse relationship between the two since the fact that gold commodity priced in dollars. Especially after consumer confidence data improved in the US economy which increases the optimism on the future of the US economy.
This has been the dollar index, which tracks the dollar’s performance against a basket of six currencies yesterday to reach its highest level in five weeks at the level of 97.81 before scoring the highest level the day at 97.39 after opening the session today at the level of 97.32 rose.