Quotes of gold rose sharply, completely leveling the day’s fall and updating yesterday’s high. The reason for this was a widespread weakening of the US currency, as well as the position adjustment ahead of the weekend. The up move than inverted.
The US Dollar Index, showing the US dollar against a basket of six major currencies, was trading lower by 0.20%. Since gold prices are tied to the dollar, a weaker dollar makes the precious metal cheaper for holders of foreign currencies.
USD falls despite strong economic data on US GDP. Experts point out that this report is made to take into account the imminent risks of a Fed hike, and the probability of inflation acceleration.
The cost of December futures for gold on COMEX rose to $ 1273.0 per ounce.
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