Slight rise today for gold as the dollar falls

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The price of gold moved higher for the second day, albeit with small gains, as the precious metal benefited from the decline in the value of the dollar.

In particular, the June contract of gold completed the transactions having added about 0.3% to its value, with its price at $ 1,818.9 an ounce.

According to independent analyst Ross Norman on CNBC, “gold behaves less like an arrow and more like a feather. It drives a little here and there, based on the winds that drive the markets.”

The decline of the DXY dollar index by 0.8% seemed to renew to some extent the interest in the precious metal, as the strong dollar makes gold more expensive for holders of other exchange rates.

However, as Norman pointed out, “this is an encouraging move, but it does not confirm any change in mood.”

It is worth mentioning, however, that the price of the metal yesterday fell below $ 1,800 intra-conference, from where it then recovered.

In the other metals, upward trends were shown by silver, which strengthened by 0.7% to $ 21,722 an ounce.

Platinum jumped 1.7% to $ 942 an ounce, copper rose 0.8% to $ 4.23 a pound, palladium rose 0.6% to $ 2,022 an ounce .


Source: Capital

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