Gold settles at highest price in a week

Gold settles at highest price in a week

Gold settles at highest price in a week

Gold settled near the highest price in one week during the day Wednesday, as the dollar remained weak ahead of the release of US economic reports in the United States later in the day.

Traded gold prices for June delivery at $ 1,193.5 an ounce, not far from the highest levels recorded on Tuesday in the week by US $ 1,196.3.

The precious metal has risen in the previous session as the dollar fell in general amid a broad sell-off in global bond markets.

I jumped and German government bonds yields, which led to narrow the gap with their American counterparts as easing fears of deflation amid a recovery in oil prices and after the introduction of quantitative easing massive European Central Bank program.

German government bond yields are considered as criteria for the European financial markets and increase the yield, leading to the rise of the euro against the dollar.

And usually Maystvid gold from the weak dollar, it also enhances the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies to the dollar.

Investors are awaiting the release of retail sales later in the day, to gauge the strength of the US economy and the timing of a rate hike after the recent economic reports that pointed to weakness in growth in the first quarter.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, retreated, by 0.11% to hit 94.53, and traded above its lowest level in two months and last week increased by 93.96.

The dollar pared losses against the euro earlier after it was economic growth in the euro zone during the first quarter, slightly weaker than expected.

The eurozone economy grew by 0.4% in the first quarter of 2015, just shy of expectations of 0.5%. It was still the fastest rate of growth in four years.

Silver for July delivery rose 0.94% to a record of $ 16.68 an ounce, while .alnhac for July delivery rose 0.7% to hit US $ 2,929

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