Gold prices were near their highest levels ever with the support of the dollar’s decline, while the euro rose after the opposition governors in Germany won the public elections as expected.
Investors focus on the United States’s inflation report, which is scheduled to be released later in the week.
gold
Gold rose in instant transactions 0.07% to $ 2937.77 an ounce, in the latest transactions, and the precious metal recorded the highest level ever at $ 2954.69 last Thursday.
The American gold futures settled at $ 2953.30.
US President Donald Trump said last week that he will announce new fees during or before, and the woods added to plans that he had previously announced to impose fees on car imports, semi -conductors and medicines.
The markets are awaiting the index of personal consumption expenses, which is the preferred scale of inflation by the Federal Reserve (the US Central Bank), which is scheduled to be issued on Friday to stand clear on the path that the Central Bank will adopt on interest rates.
The high inflation may push the Federal Reserve to maintain interest rates at high levels, which reduces the attractiveness of gold that does not generate returns.
As for other precious metals, its performance was as follows:
- Silver fell 0.3% to $ 32.43 an ounce.
- Platinum settled 969.53 dollars.
- Palladium fell 0.9% to $ 959.9.
Currency
The euro rose after the opposition conservatives in Germany (the largest European economy) won the general elections as expected, while the dollar fell to its weakest levels in more than two months due to the increasing concerns about the prospects for the growth of the American economy.
Friedrich Mertz is heading to become the next adviser to Germany after his party topped the elections that took place on Sunday, and he is awaiting him with complex and long coalition negotiations after a historic rise of the Alternative Party for the right -wing Germany Germany to second place after elections that reflected a widespread division.
In the latest transactions, the euro reached $ 1.0474, up 0.15%.
Dealers focus on the speed of the Mertz bloc in forming a coalition government to bring about the highly required change of the German economy, which faces slowdown.
In general, the dollar fell a week ago crowded with US economic data and comments from a number of Federal Reserve officials (the US Central Bank).
Trading volumes were weak today, Monday, with the closure of the Japan Stock Exchange on the occasion of an official holiday.
The pound rose to $ 1.2638 due to the weakness of the US dollar, while the Japanese yen rose to 149.70 dollars.
The dollar index, which measures the performance of the US currency against a basket of major currencies, has declined to the lowest level in more than two months at 149.72.
The dollar fell by more than 3% from its peak in January after the customers’ estimates concluded that Trump’s talk about customs duties at the beginning of his mandate was only pure threats, leaving a little appetite for them to possess more dollars.
The markets are awaiting the second estimate of growth data in the fourth quarter in the United States and the data for the basic personal consumption price index for January.
