Gold prices rose on Friday and are heading for the registration of weekly profits, when investors are heading for the assets of Safe Haven in the light of growing financial problems, after the US Congress approved the law on tax reduction and the draft expenses proposed by President Donald Trump, while the dollar contributed to the increase in the attractiveness of the precious metal.
Gold increased in instant transactions by 0.5 percent to 3343.94 US dollars per akeal, by 06:17 according to Greenwich, which is 2.2 percent from the beginning of the week. Golden futures in the United States also increased by 0.3 percent to 3354 dollars to ounce, according to Reuters.
On Thursday, in the Congress, Trump’s tax bills surpassed the last obstacles in the congress that always made it, and ensured financing his immigration campaign, as well as the inclusion of new tax benefits aimed at the 2024 elections.
Edward Mayer, analyst Mariks, said that “this law does not reach any progress to organize financial conditions in the United States, which is expected to be negative for the dollar in the long term and positive for gold.”
According to the estimates of the budget office in the Congress, an independent side, the law will add about 3.4 trillion dollars to public debt, which currently amounts to 36.2 trillion dollars over the next decade.
The US dollar index recorded a decrease in the second week in a row, which made gold more attractive for buyers from the limits of the United States.
Meanwhile, Trump announced that customs duties on the price messages of the countries will begin to publish on Friday, which is a transition from previous politicians who relied on separate commercial transactions.
Mayer added: “If Trump adheres to the deadline scheduled for July 9, to apply definitions, this can lead to an increase in pressure on the dollar, and the gold is given a bull impulse.”
On April 2, Trump announced mutual customs duties from 10 to 50 percent, before most of them reduced to 10 percent, providing us with partners until July 9 for negotiations.
On the other hand, data on the labor market showed that the American economy added 147,000 new jobs in June, exceeding expectations, while the unemployment rate has decreased to 4.1 percent, which increases the position of the “federal reserve system” to maintain interest rates without changes.
Despite these data, traders still expect only two percentage rates for “federal” by the end of the year.
In the Asian markets, the demand for actual gold remained weak this week, since high prices led to the unwillingness of consumers, while discounts in India decreased from low imports.
As for other precious metals, the price of immediate silver was stabilized at the level of $ 36.83 per ounce, and platinum increased by 0.9 % to 1382.63 dollars, while Palladium fell 0.4 % to 1132.87 US dollars.
