Gold prices up amid weak trading due to US Independence Day ‎holiday

Gold prices rose today, Tuesday, amid weak trading due to the US Independence Day holiday, but the rise in the dollar limited the gains at a time when traders were awaiting more economic data later in the week in search of indications about the directions of the Federal Reserve (the US central bank) regarding raise interest rates in the future

According to “Reuters”, gold prices rose in spot transactions by 0.2 percent, to reach $ 1925.56 an ounce (an ounce) by 0623 GMT. US gold futures rose by a similar rate, to $1,932.30

Trading volume may be modest due to the American holiday

Investors expect there is about a 90 percent chance of a 25 basis point rate hike in July, according to the Federal Reserve Monitor at the Chicago Mercantile Exchange, pushing rates to between 5.25 and 5.50 percent before an expected cut in December. May 2024. High interest rates reduce investments in gold, which does not yield a return

The dollar index rose 0.1 percent, which curbed the rise in bullion prices, given that the rise in the dollar makes gold more expensive for holders of other currencies.

With regard to other precious metals, silver rose in spot transactions by 0.3 percent to $22.96 an ounce, platinum jumped 1.1 percent to $916.42, and palladium jumped 2.1 percent to $1,254.44.