Gold prices recorded an increase during trading today, Tuesday, amid a decline in the dollar, and it is likely that the prices of the precious metal in the near term will remain dependent on US economic data that is expected to be published this week and may affect the strategy of the Federal Reserve (US Central Bank) regarding interest rates, according to the statement. Reuters.
Spot gold prices rose 0.2% to $1935.04 an ounce by 0606 GMT.
US gold futures rose 0.4% to $1,935.60.
Major economic centers such as China and Hong Kong remain closed for the Lunar New Year holidays.
The dollar index fell 0.2%, making bullion priced in the greenback cheaper for holders of other currencies.--
Investors are awaiting estimates of gross domestic product growth in the United States for the fourth quarter of last year, which will be published on Thursday.-
“Any indications of weakness in the US economy will be seen as a reason for the Federal Reserve to ease the pace of tightening, which would support gold, which will attract safe-haven flows,” said Matt Simpson, senior market analyst at City Index.
Low interest usually supports gold prices, as it reduces the opportunity cost of holding non-yielding assets.
As for other precious metals, spot silver rose 0.3% to $23.52 an ounce. Platinum rose 0.8% to $1,055.25. Palladium rose 0.5% to $1,712.57.