Metal poised to rally again during these periods and buyers are well advised to keep an eye out for price spikes
It’s been a fairly quiet start to the week for gold, with local rates staying unchanged since Sunday, but jewellery fans who are eyeing new pieces are well advised to visit the shops soon.
An analyst based in Dubai said on Monday that gold is set to shine again, especially in the succeeding months of August and September.
After dropping significantly earlier last week, the price of gold increased on Friday as the US dollar took a beating following US President Donald Trump’s comments on the strength of the US dollar and interest rate increases by the US Federal Reserve.
Trump said on Twitter that China and the European Union “have been manipulating their currencies and interest rates lower.” After the tweet, the benchmark dollar index dropped.
“Trump voiced his displeasure with Federal Reserve interest rate increased in a Thursday interview, prompting a decline in the benchmark dollar index, which again got pressured after he tweeted on Friday, accusing China and the European Union of manipulating their currencies and interest rates.”
source : Gulf News.