• Gold rises 2% on the decline of the dollar as attention returns to the "Federal Reserve" meeting


    ​Al-Eqtisadiah from Riyadh​

    Gold rose yesterday with the decline of the dollar, to recover some of its losses after a sharp decline in the previous week, while all eyes are focused on the proceedings of the US Federal Reserve meeting, which will be issued this week.

    According to "Reuters", the price of gold in spot transactions increased 2 percent to 1982.60 dollars an ounce.
    Gold was down 4.5 percent last week, its biggest decline since March, as investors reassessed positions after dropping from the $ 2072.50 peak recorded on August 7. And US gold futures rose 0.5 percent to 1958.90 dollars an ounce.
    "Gold does not seem ready to resume a real downturn, because dealers are awaiting the minutes of the Federal Open Market Committee meeting and the fate of the US fiscal stimulus negotiations," said Ilya Spivak, exchange market strategist at DailyFX.
    Silver rose 1.5 percent to 26.81 dollars an ounce, platinum rose 2.1 percent, recording 955.54 dollars an ounce, and palladium advanced 2.6 percent to reach 2164.07 dollars an ounce.
    The dollar fell while commodity currencies rose yesterday, as investors welcomed the postponement of a review of the US-China trade agreement without prejudice to it.
    Early transactions in London witnessed limited movements in light of a state of caution following weak data and uncertainty at the beginning of a week that will witness the release of the facts of the latest meeting of the US Federal Reserve and the official announcement conference of the Democratic candidate in the US presidential elections.
    Against a basket of currencies, the dollar index fell slightly to 93.036, close to the middle of the range it has stalked since falling to a two-year low in late July.
    The risk-sensitive Australian dollar rose, reaching its highest level in a week at $ 0.7196, hovering near the peak of its trading range for a week. The Canadian dollar, which is sensitive to oil prices, rose 0.2 percent to 1.3240 for the US dollar.
    The United States and China postponed a review of the first phase trade agreement between them on Saturday, sources familiar with the plans told Reuters, due to inconsistencies in schedules.​
    The euro rose 0.1 percent to $ 1.1850, while the pound rose to $ 1.3096.
    The New Zealand dollar fell 0.1 percent to 0.6531 US dollars after New Zealand decided yesterday to postpone the general elections by one month in the face of a new outbreak of the Coronavirus in Auckland.​

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