Gold is stabilizing near a multi-month high as the dollar weakens
Gold stabilized today, consolidating near the peak of four and a half months, supported by the decline of the dollar and a wave of selling of cryptocurrencies, while investors await the release of important economic data this week.
By 1021 GMT, the spot price of gold was little changed at $ 1,881.40 an ounce.
Last week, gold prices reached their highest level since the eighth of January, recording 1889.75 dollars an ounce.
US gold futures rose 0.3% to $ 1882.10 an ounce.
Independent analyst Robin Bahar said that gold exceeded its average movement in 200 days after the fluctuations last week, following China's actions related to commodities and details of the US Central meeting, supported by a decline in the dollar, bond yields and doubts about inflation.
Gold is a hedge against inflation.
Gold was also supported by a 13% retreat yesterday, making it almost 50% less than its highest level this year, after China stepped up efforts to curtail mining operations to extract and trade cryptocurrencies.
Meanwhile, the dollar index remained near its lowest level in three months, making the yellow metal more attractive to holders of other currencies.
In other precious metals, palladium rose 0.2% to $ 2787.62 an ounce, and silver rose 0.6% to $ 27.68.
Was little changed on platinum, which scored 1166.96 dollars.
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