Gold prices rose with the decline of the dollar, but increased optimism about reaching an agreement regarding the US government debt ceiling pushed prices to record a weekly decline of about 2.3 percent.
And gold in spot transactions increased 0.3 percent to $ 1964.09 an ounce (an ounce) by 11:10 GMT, after falling to its lowest level since the beginning of April. Gold futures rose 0.4 percent to $1,967.80.
Wang Tao, a technical analyst, said that gold prices may fall further to a range between 1938 and 1947 dollars an ounce.
A White House official said that negotiators from the Democratic Party told President Joe Biden that they were making “steady progress” in talks with Republicans aimed at averting the United States from a debt default crisis. Gold rose to $2,072.19 earlier this month, a few cents less than its all-time high of $2,072.49, but has since fallen about 5 percent after data showed a contraction in the labor market and continued high inflation.
As for other precious metals, spot silver rose 0.4 percent to $23.60 an ounce. Platinum rose 1.6 percent to $1,065.34. Palladium rose 4 percent to $1,511.40.
In addition, the price of the dollar fell against other major currencies during European trading, stopping the rise of the American currency.
The dollar price index against major currencies fell to 103.21 points yesterday. The value of the dollar fell against the British pound to 1.2438 dollars per pound, compared to 1.2392 dollars, and fell to 0.9019 dollars per Swiss franc, compared to 0.9058 dollars at the beginning of trading.
In a related context, the Chinese yuan recorded an increase after the People’s Bank of China moved to support the currency in the wake of recent sales, and it also pledged to curb speculation and call for more stability in the foreign exchange market, according to Bloomberg News.
According to a statement, the Chinese central bank and the foreign exchange regulator will “strengthen the guidance of market expectations and take measures to correct pro-cyclical and unidirectional market behaviors when necessary.”
In foreign transactions, the value of the yuan rose 0.5 percent against the dollar and recorded 7.0121 per dollar, and moved away from 7.0750 per dollar, its lowest level since December.
