Gold prices rose to the highest level in more than a year on Thursday after investors sought safe haven after the US dollar dropped three-year lows in the basket of six major currencies.
The price of precious metals rose to $ 1,370 in the trading period before it dropped six dollars. The highest price in 2016 was $ 1,374.91.
"Gold benefits a lot from the weaker dollar," said Nitesh Shah, ETF Securities analyst.
"The traders' basic scenario is to sell the dollar at all costs, so gold prices continue to rise sharply, and it may be seen to be even higher by the next US dollar fluctuation," said Stephen Innes, OANDA's trading manager.
The US dollar dropped to the lowest level in the three-year period against the largest currencies, after US Treasury Secretary Steven Mnuchin said the US government was favorably affected by the weak dollar in trade.
President Donald Trump's administration has repeatedly said that the weak dollar helps increase the competitiveness of US-manufactured goods against goods from China and other markets.
Meanwhile, Australia's largest precious metal refiner, Perth Mint develops a gold-plated cryptovalutage. It is hoped that investors will return to the precious metals market.
Richard Hayes CEO says the Mint wants to offer a transparent bid that allows investors to buy and sell with confidence knowing that their products can be fully traced. (2)
Perth Mint has an online trading platform where traders can buy and sell precious metals in the daytime.