Gold up thanks to lower dollar amid anticipation of US data

Gold prices rose today, Tuesday, amid a decline in the dollar, and it is likely that the prices of the precious metal in the near term will remain dependent on US economic data that is expected to be published this week and may affect the strategy of the Federal Reserve (US Central Bank) regarding interest rates.

According to “Reuters”, gold in spot transactions rose 0.2 percent to $ 1935.04 an ounce by 0606 GMT.

US gold futures rose 0.4 percent to $1,935.60.

Major economic centers such as China and Hong Kong remain closed due to the Lunar New Year holiday

The dollar index fell 0.2 percent, making bullion priced in the US currency cheaper for holders of other currencies.

Investors are awaiting estimates for GDP growth in the United States for the fourth quarter of last year, due to be published on Thursday.

“Any indications of weakness in the US economy will be seen as a reason for the Federal Reserve to ease the pace of tightening, which would support gold, which will attract safe-haven flows,” said Matt Simpson, senior market analyst at City Index.

Low interest usually supports gold prices, as it reduces the opportunity cost of owning non-return assets.

As for other precious metals, silver rose in spot transactions by 0.3 percent, to $ 23.52 an ounce. Platinum rose 0.8 percent to $1,055.25. Palladium rose 0.5 percent to $1,712.57.