Gold prices up supported by dollar decline and tensions in the Middle East

Gold prices rose today, Thursday, supported by the weakness of the dollar and escalating tensions in the Middle East, while investors await more US economic data that may provide indications of the Federal Reserve’s (US central bank) next steps regarding interest rates.

By 0328 GMT, gold in spot transactions rose 0.1 percent to $2,026.7 per ounce, after yesterday, Wednesday, recording its highest levels since the ninth of February. US gold futures rose 0.1% to $2,036.9 an ounce.

According to Reuters, the dollar index continued its losses for the fourth day in a row, which increases the attractiveness of the yellow metal priced in the US currency to buyers abroad.

Israel intensified its bombing of the city of Rafah in the southern Gaza Strip, killing more than ten members of one family in an air strike, while the Ministry of Health in the devastated Palestinian Strip announced that 29,313 people have been killed in the war so far.

As for other precious metals, platinum rose 0.3% in spot transactions to $885.30 per ounce, palladium increased 0.6% to $955.63, while silver rose 0.1% to $22.89 per ounce.