© Reuters Gold achieves huge profits during today’s trading…why?
Arabictrader.com – Checked prices Strong rises during Wednesday’s trading; Supported by the decline in the US due to the negativity of some US data, in addition to the markets anticipating the release of the ISM Manufacturing PMI data, to be released today, after gold incurred significant losses for the month of February, exceeding 6.00%.
During today’s trading, spot gold contracts recorded a significant increase by 0.85% and settled near the level of $1,841.69 an ounce, in addition to an increase of 0.61% and recorded about $1,848.20 an ounce.
Gold prices enjoyed great support during today’s trading; Due to the drop in the US dollar index, which measures the performance of the US currency against a basket of six other major foreign currencies, in light of the inverse relationship between the dollar and gold, as the US dollar index recorded a decline of 0.58% and reached approximately 104.215 points, affected by the negativity of some US data, Which boosted the rise in gold prices.
Also, we find that gold prices received great support due to the negative data of the Richmond Manufacturing Index in the United States for the month of February, as the index recorded a contraction of about 16 points, which is worse than market expectations, which indicated a contraction of the index by only about 5 points, which negatively affected the performance The dollar index, resulting in an increase in gold prices.
However, the negativity of the US Consumer Confidence Index data issued by the Census Bureau reinforced the continuation of gold prices bullish momentum, as the data came less than expected and very negative, and recorded only about 102.9 points, compared to expectations of recording about 108.5 points, which reinforced the decline in the US dollar index, And it contributed to the rise in gold prices.
In addition, the markets are still awaiting the release of the manufacturing PMI data issued by ISM, which will be released later today, which will negatively affect the performance of the dollar index in the event that the data came in less than expected, resulting in a rise in gold prices, which have an inverse relationship with dollar.
Looking at the prices of other precious metals far from gold prices, we note that spot contracts for metal recorded an increase of 0.64% and settled near the level of $21.04 an ounce, and prices also recorded an increase of 1.01% and recorded about $1,432.71 an ounce, in addition to a price increase of 0.55% and reached $1,432.71 an ounce. 961.26 dollars an ounce.
