Gold prices had deteriorated during expectations of raising US interest rates


Gold prices had deteriorated during Thursday’s trades, this deterioration comes after yesterday’s limited rising, while the rise of US dollar facing other main currencies continues, in addition to the announcements of the members of Federal Reserve Bank, which some of them have supported the rise of American interest more than three times this year.

Currently, gold prices are being traded at the level of 1248.7 dollar per ounce, after recording the lowest level of 1248.1 dollar per ounce, while it has begun today’s session at the level of 1252.6 dollar per ounce, recording the highest level of 1252.9 dollar per ounce

Currently, the gold prices decrease comes along with the continuous recovery of the dollar against the main currencies, after it has recorded the lowest level in five months at beginning of this week’s trades, this comes along with the improvements of the American data concerning houses sector, which increases the dollar’s support.

On the other side, the costumers’ confidence indicator in United States have increased to highest level in 16 years, which raised the confidence in the American economy performance, to raise the demand on risk not considering the secure place, which reflected clearly on the performance of American shares.

Also, the markets had attended a number of member’s Federal Reserve Bank announcements, which some of them affirmed directly to rise American advantage more than three times a year. to occupy with increasing negative pressure on valuable metal , due the opposite connection with prices advantage movement.