• Falling dollar gives support for gold prices .. Riots in American cities shake investor confidence


    ​Gold rose yesterday, as riots in major US cities rocked investor confidence already wary of tense China-US relations, boosting demand for the metal as a safe haven, while a weaker dollar provided more support.​

    According to "Reuters", by at 08:02 GMT, the spot price of gold was up 0.8 percent to $ 1739.59 an ounce "ounce" after it rose 1 percent earlier.​

    And it increased US gold futures 0.1 percent to $ 1752.50. And the dollar index fell 0.5 percent.

    "It is clear that the demonstrations are not a positive sign in light of the current fragility of the US economy and the need to break out of the closures," said Michael McCarthy, chief strategist at CMC Markets​

    In other precious metals, silver rose 2.4 percent to $ 18.26 an ounce, its highest since February 25.
    Palladium increased 1.1 percent to $ 1965.39 an ounce, while platinum rose 0.1 percent to $ 838.82.
    In addition, the euro touched its highest level since mid-March yesterday, and high-risk currencies such as the Australian dollar rose as investors turned towards positive signs regarding the Chinese economic recovery after the Corona pandemic and hopes for the easing of Chinese-American tensions.​

    The Australian dollar rose, sensitive trade, recording 1.3 percent to the US $ 0.6765 at the highest level in four months to lead a broader dollar rises put the US at its lowest level since 16 March.

    Against a basket of other currencies, the dollar index in the most recent trading fell 0.3 percent to 97.954.
    The euro was also among the strongly emerging currencies, benefiting from the dollar's decline, as it increased 0.4 percent to $ 1.1154, at its strongest level since March 17.​
    Analysts said the "ING", "The door is now open on the dollar's decline after it proved that the US action on Hong Kong less serious than feared by investors, and with expectations that" OPEC ' "to extend a cut in oil supplies, which will support Currencies linked to primary commodities. 
    The pound rose 0.5 percent to $ 1.2414, the highest level in three weeks, as Britain moved gradually to ease measures of public isolation.​
    The Chinese yuan increased marginally after the rise on Friday, thanks to hopes of easing tensions between China and the United States.
    The New Zealand dollar rose 0.8 percent to 0.6256 US dollars, and the Canadian dollar rose 0.5 percent.​

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