Gold is jumping strongly to its highest levels since last year.. and silver is following it
Gold contracts witnessed a sharp rise during trading on Tuesday, as spot gold prices exceeded the level of $ 2,020 an ounce, which is the highest level reached by the yellow metal bullion in more than a year, since March 9 of last year, as it benefited from the sharp drop in the dollar index.
This sharp rise in gold today came against the background of the very negative data issued in the United States a short while ago, which indicated the negativity of vacant job data and the labor turnover rate, which recorded a reading much lower than expected during the month of February, and the previous reading for January was reviewed on about low too.
In terms of trading, spot gold prices jumped by 1.86%; To reach $ 2,024.75 an ounce, while gold futures prices rose by 1.68%, to record $ 2,037.70 an ounce, at exactly 02:50 pm GMT, and spot silver prices increased by 3.74%, to record $ 24.88 an ounce, which is its highest level since April 2022. .
At the same time, the dollar index – which measures the performance of the US currency against a basket of 6 other major currencies – fell by 0.50% to record 101.472 points, its lowest level since last February 2, which cleared the way for gold to rise strongly, as the cost of the denominated non-existent Dollars are cheaper for non-dollar buyers
