Gold prices rose about 2% and exceeded the level of 3200 dollars today, Friday, with the support of twice the dollar and fears of recession amid the escalation of the trade war between the United States and China.
By 10:20 GMT, gold jumped in instant transactions 1.7% to $ 3227.39 an ounce, after he recorded a high record at $ 3237.56 earlier in the session.
US gold futures increased more than 2% to reach $ 3246.30. The precious metal made gains exceeding 6% throughout the week.
Beijing raised its customs fees on American goods to 125% today, Friday, to respond to the decision of US President Donald Trump to increase customs duties on Chinese goods to 145%, which increases the risks in the trade war that threatens to cause universal supply chains.
Global stocks decreased and the dollar fell. The decrease in the American currency makes the yellow metal to be cheaper for buyers abroad.
Expectations to continue the gold journey
Gold continued its acute rise in immediate transactions since last year, and recorded several high levels of high levels and increased by more than 21% this year, amid a state of uncertainty and asked the central banks.
“We believe that gold has more height … we target 3,400 to $ 3500 an ounce in the coming months.”
On Thursday, data showed a decrease in consumer price index in the United States in March.
The focus is also on the price of producers ’price data in the United States scheduled to be issued today in an effort to indicat on the path of monetary policy.
Traders are now betting that the Federal Reserve (the US Central Bank) will resume reducing interest rates in June and may reduce the main interest rate by a full percentage by the end of the year.
As for other precious metals:
- Silver in immediate transactions rose 0.8 % to $ 31.46 an ounce.
- Platinum rose 0.3 to 940.45 dollars.
- Palladium jumped 2.05 percent, recording 927.29 dollars.
