Gold rises on dollar’s decline as attention returns to the Fed

Arab and international

Economy News _ Baghdad

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

By 0636 GMT, the spot price of gold was up 0.3 percent to $ 1949.09 an ounce.

Gold was down 4.5 percent last week, its biggest decline since March, as investors reassessed positions after dropping from a peak of $ 2,072.50 recorded on August 7. US gold futures rose 0.5 percent to 1958.90 dollars an ounce.

“It does not seem ready to resume a real downturn because traders are awaiting the minutes of the FOMC 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 an ounce, platinum rose 2.1 percent to $ 955.54 an ounce, and palladium advanced 2.6 percent to $ 2,164.07 an ounce.

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