Gold is chasing a historic peak…what pushed it to $2071? By Arab Trader

Arabictrader.com – It rose strongly during trading today, Friday, and approached its highest levels ever near the level of $2076 per ounce, benefiting from the weakness of the American due to the increase in non-existent bets, after it succeeded in adding more than $30 per ounce currently.

During Friday’s trading, futures contracts for December delivery rose by about $33.20, or by 1.68%, to reach $2,071. Spot contracts also rose by about $35 per ounce, or by 1.70%, and are currently trading near the level of $2,070 per ounce.

The US dollar was clearly damaged immediately after US Federal Reserve Governor Jerome Powell’s statements on Friday evening, in which he stressed that the US interest rate is well in the currently restricted area, and that the US Federal Reserve has made significant progress in reducing inflation, adding that it welcomes the decline in inflation shown by recent data. However, the US Federal Reserve needs to see more progress in reducing inflation to 2%, and these statements have strengthened market expectations that the US Federal Reserve will stop raising interest rates during its upcoming meetings, which has strengthened gold and weakened demand for the dollar.

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