Gold prices rise, supported by the decline of the dollar – economic – global economy


Gold prices rose above $1,900 an ounce on Friday, supported by a weaker dollar and lower Treasury yields, after data showing rising US inflation was deemed insufficient for the Federal Reserve to change its monetary policy.

And gold rose in spot transactions 0.1 percent to $ 1900.10 an ounce by 05:18 GMT. Prices have risen more than 0.5 percent since the start of the week.

US gold futures rose 0.3 percent to $1,902.7 an ounce.

Data revealed that US consumer prices rose strongly in May, which led to the largest annual increase in nearly 13 years, while weekly jobless claims fell to their lowest levels in nearly 15 months last week.

Record US treasury yields fell to their lowest level in three months, reducing the opportunity cost of acquiring the yellow metal that does not yield a return.

Meanwhile, the dollar index fell 0.1 percent, after hitting its highest level in nearly a week in the previous session.

On Thursday, the European Central Bank kept its monetary policy unchanged and pledged a regular flow of stimulus during the summer.

Attention now turns to the US Central Bank’s policy meeting scheduled for June 15-16.

As for other precious metals, silver rose 0.4 percent to $ 28.07 an ounce, while platinum gained 0.1 percent to $ 1151.98.

Palladium fell 0.1 percent to $2,772.71 and is on track to record a weekly decline.



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