Gold prices rose yesterday, heading towards the first weekly gain in a month, supported by the decline of the dollar and geopolitical tensions, and caution about trade talks between the United States and China.
Spot gold rose 0.4% to $ 1505.06 an ounce, after rising about 1% since the beginning of last week, and US gold futures rose 0.5% to $ 1513.5 an ounce.
Gold prices have risen about 17% since the beginning of 2019, mainly due to trade tensions between the United States and China, concerns about the prospects for global economic growth, and the prospect of central banks easing monetary policy.
The Federal Reserve cut interest rates for the second time on Wednesday to help sustain economic growth, but gave mixed signals about future rate cuts.
The yellow metal is supported by tensions in the region, at a time when the United States said yesterday that it is forming an alliance to address Iranian threats in the wake of an attack on two Saudi oil facilities over the weekend.
As for other precious metals, palladium has risen 1.2% to $ 1642 an ounce, after earlier rising to a record high of $ 1646.81.
Platinum rose 0.7% to $ 943.37 an ounce, and silver gained 0.9% to $ 17.93 an ounce.