Gold prices rise with the stop of the rise of the dollar

The price of gold rose today, Tuesday, with the decline of the dollar, while the focus of investors turned to the minutes of the US Federal Reserve meeting for the month of November, in search of guidance on raising interest rates in the future.

According to Reuters, gold rose in spot transactions by 0.4 percent, to $ 1,745.13 an ounce, at 0433 GMT. Gold futures contracts in the United States also increased 0.4 percent to $ 1,746.00.

Gold compensated for some of the losses of the previous session, when investors preferred to buy the dollar as a safe haven amid new restrictions to combat Covid-19 in China.

The dollar’s rise stalled on Tuesday, making gold cheaper for buyers outside the United States

Minutes of the Federal Reserve meeting are due at 1900 GMT, with most dealers betting on a 50 basis point rate hike in December.

Gold is considered a tool to hedge against inflation, but high interest rates discourage investment in the precious metal, which does not yield a fixed return.

Spot silver advanced 1.4 percent to $21.14 an ounce, platinum rose 1.4 percent to $995.63, and palladium rose 0.7 percent to $1878.00.