Gold prices rise despite the rise of the dollar

Gold prices rose today, after hitting the lowest level in a month and a half earlier in the session, supported by the chances of approving a huge US relief package from the repercussions of the "Corona" virus, which overshadowed the rise of the dollar and strengthened the metal's attractiveness as a hedge against inflation.

By 07.28 GMT, the spot price of gold was up 0.5% to $ 1836.29 an ounce, after falling to $ 1809.90, its lowest level since December 2nd.

US gold futures rose 0.4% to $ 1836.80 an ounce.

"The gold market is still relatively supportive at these levels, as the rise of the US dollar at the present time is more related to the search for a safe haven, not a noticeable shift towards a stronger dollar," said the chief global market strategist at Axi.

He added that "the American stimulus is very large, as we will get about 1.9 trillion dollars or 1.5 trillion, and both scenarios are good for gold."

The dollar reached its peak in four weeks, which increases the cost of gold for holders of other currencies.

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