On Tuesday Gold prices has increased in the Europe market to widen its gains for the third day respectively, recording the highest level in two weeks, because the USD has decreased to the lowest level in ten months against the international currencies, and it was effected by the backing down of the probability of increasing the American interest prices for the third time during this year, adding to renewing the fears about the ability of Donald Tramp of executive his huge economic program, in the middle of difficult of passing the health care law inside the Congress.
At 9:50 GMT gold prices has increased at the level 1236.90 USD for ounce from the opening level 1233.83 USD, and record the highest level 1238.86 USD the highest since 3 of July, and the lowest 1232.83 USD.
Gold prices has ended yesterday trading with an increasing by 0.4%, in a second daily gain respectively, and continue the improvement in investment demand levels of the metals as a safe haven.
USD index has backed down by 0.5%, recording the lowest level in ten months 94.41 points, reflecting the acceleration in buying the USD against the most international currencies, and that’s supported the increasing in gold prices as it supports with USD and its cost decreased compared with the other currencies holders.
The wide buying process of the USD comes after the probability backed down about the accelerating tightening the monetary policy and increasing the interest prices by the United federal reserve commission for the third time during this year, especially after commission president Janet Yellen witness in front of the Congress, and after a weak data about the consumer prices and retail sales in the United States.
The American debentures profits has decreased for ten months basic point to 2.31 point, to continue the decreasing for the third day respectively, and the profit has losses five basic points in the trading last week.
Two new members from the Republican governor of Senate has joined to the rejection camp of passing the new health care law inside the Congress, and this law represent as a first legislative test for Donald Tramp since he arrived to the white house last January.
The difficulty of passing the law increasing the expectation of Tramp losses in executive his full huge economic program, which he announced about it at the elections, which includes widening the government spending and decreasing taxes and increasing inflation levels.
Gold holdings is in the biggest international indexes boxes SPDR Gold Trust which is supported with gold has decreased yesterday by 1.77 metric tons to the total 827.07 metric tons and that’s the lowest level since 10 of March.