Gold prices has backed down due to rising of USD
On Thursday Gold prices has backed down on the European market to continue losses for the third day in a row, as the rise of the USD against the global currencies, in conjunction with the slowdown in demand for investment in the metal as a safe haven, to reduce gold prices gains for the second month in a row.
At 9:50 GMT Gold prices have backed down to the level 1305.45 USD for ounce from the opening level 1308.76, and record the highest level 1308.96 USD, and the lowest level 1298.10 USD.
Gold prices have ended yesterday trading with a decreasing by 0.1%, in second daily losses respectively, after a strong data in the US, refreshed the probability of increasing the American interest prices for the third time during this year.
USD index has increased by 0.2%, continue its increasing for the second day respectively, reflecting the continuing of buying USD against the global currencies, especially against the low-profit currencies EUR and JPY, and that effect negatively on the gold prices.
Yesterday data in Washington observed an acceleration in American economic growth by 3.0% during the second quarter/2017, and that’s the highest level in two years, more than the expert’s expectation which was 2.7%, and the economic record a growth of 1.4% in the first quarter.
The new jobs in the American private sector have jumped to 237 thousand in August, and that’s the highest level in five months, more than the expert’s expectation which was 185 thousand, and July jobs have changed from 178 thousand to 201 thousand.
This data refreshes back the probability of the continuation of the federal Reserve in tighten US monetary policy and raise interest rates for the third time this year, and for reevaluation of the odds again waiting for investors later today data consumer spending during July, positive this data will expansion of these possibilities are Leeds the USD to continue to rise.
This data also is boosted investors’ risk appetite, reflecting the rise of most global shares markets, and reduced investor demand for safe havens, which is gold, silver, and precious metals.
During August trading, which ended today’s trading, gold prices so far rose by 1.5%, about to record the second monthly gain respectively, supporting the purchase of the metal as a safe haven, as a result of global geopolitical tensions on the Korean Peninsula, in conjunction with the political In the United States of America about the President Donald Trump.
Gold holdings is in the SPDR Gold Trust and that’s the biggest international indexes boxes which are supported with gold yesterday has stabilized without any change mentioned at the total 816.43 metric tons, and that’s the highest level since the last July.
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