Gold lands amid optimism about trade negotiations and the decline in the dollar limits losses
Prices decreased gold Today, Friday, as the demand for safe haven was affected by indicators on progress in the negotiations between the United States and its commercial partners, but retracted Dollar In general, limit the losses of the precious metal.
By 02:43 GMT, gold lost 0.1% to $ 3363.91 an ounce, but the metal has earned 0.4% so far this week. US gold futures fell 0.2% to $ 3365.50.
“We are essentially witnessing some of the profits from speculators because we have now started to see this optimism in the market,” said Corphen Wong, the chief market analyst in Uanda, according to Reuters.
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He added: “With this, the dollar is in the direction of decline. Moreover, we still have expectations to reduce American interest rates at this stage, and they support gold near the level of $ 3360.”
European diplomats said that the European Union and the United States are in the process of concluding a trade agreement that would lead to 15% general customs duties on the European Union commodities to the United States, after Washington concluded an agreement with Japan.
The Standard & Poor’s 500 and Nasdak index rose to record levels at closing during the night, as indications of the decline of global trade tension reinforced the morale of risk between investors.
On the other hand, the dollar index is heading to its worst week in a month, making the price of the US currency price less expensive for other currencies.
The data showed that the US unemployment requests decreased unexpected last week, indicating the stability of the labor market despite the slowdown in employment, making it difficult for job seekers to find a job.
The Federal Reserve is likely to keep interest rates unchanged in its meeting, which will be held on July 29 and 30, and markets see as a possibility of reducing interest rates in September.
For other precious metals, silver in instant transactions increased 0.2% at $ 39.14 an ounce, on its way for weekly gains of 2.5%.
Platinum fell 0.2% to 1407.10 dollars, and Paladium advanced 0.9% to 1238.73 dollars.
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