Investing.com-the gold price rose to a highest point in eleven weeks during Asian trade on Wednesday, and the profit for the third consecutive session expanded, while the demand for safe ports grew in the midst of fear of American rates among the government from President Donald Trump.
rose by 0.2% to $ 2,749.29 per ounce, the highest level since the beginning of November, while the rate that ends in February with 0.2% rose to $ 2,766.57 per ounce at 01:45 et (06:45 GMT) .
The yellow metal was ready for the third day in a row with a win, because traders remained careful while trying to estimate Trump’s policy, which is expected to increase inflation. Gold is seen as a protection against inflation.
The dollar had fallen sharply on Monday after Trump had avoided details about the imposition of US trade rates, which further supported the gold price.
Precious metal supported by the demand for ‘safe ports’ in the midst of global uncertainty
Since last week, the precious metal, traditionally as a safe haven, has held its price above a one -month peak. This reflects that the markets are braced for global uncertainty, since Trump’s policy announcements and rate declarations are expected to influence the market dynamics.
Trump said on Tuesday that he is considering introducing taxes of 10% on Chinese imports from 1 February, and also promised to take the European Union with rates.
The higher rates are likely to result in fewer trade balances and higher inflation, both of which are considered positive for the dollar.
A stronger dollar usually drives the gold price lower because it makes the metal more expensive for buyers who use other currencies.
The trade in Asia rose by 0.2%on Wednesday, after the day before that it was largely closed unchanged. It fell by more than 1% on Monday because Trump avoided rate announcements.
Traders keep a close eye on traders to assess their impact on the process of gold.
Other precious metals were filled in on Wednesday. Remained unchanged at $ 968.45 per ounce, while they remained stable at $ 31.51 per ounce.
Copper prices will continue to fall due to the fear of import duties
The copper prices fell and continued their weak performance after Trump’s inauguration, because a combination of expected American rates and the prospects for a stronger dollar weighed on the red metal.
During periods of escalating rates and trade tensions, copper prices have fallen historically as a result of the reduced demand from China, the world’s largest copper consumer.
The benchmark on the London Metal Exchange fell by 0.6% to $ 9,232.50 per ton, while February fell by 0.9% to $ 4,3015 per pound.
