Gold prices recover as dollar declines ‎

Gold prices rose more than one percent on Friday, as a slight decline in the dollar helped ease some pressures from the monetary tightening policy pursued by the Federal Reserve (the US central bank).

According to “Reuters”, gold in spot trading rose 1.1% to $1647.19 an ounce (an ounce) by 0618 GMT, and US gold futures rose 1.2 percent to $ 1649.90 an ounce.

The dollar index fell 0.4%, which increased the attractiveness of gold to holders of other currencies.

The Fed raised interest rates by 75 basis points on Wednesday, and Chairman Jerome Powell pledged to “continue” the fight to curb inflation.

As for other precious metals, silver rose in spot trading by 1.4 percent to 19.74 an ounce, platinum increased 0.8 percent to $ 926.10, and palladium rose 1.4 percent to $ 1825.87.