Gold futures rose for the eighth session in ten sessions to see their highest level since June 29 as the dollar index fell to its lowest level since June 24 of the previous year 2016 according to the inverse relationship between them amid the lack of economic data on Friday by the economy The largest economy in the world.
Gold futures for December delivery rose 0.43% to currently trade at $ 1,257.50 per ounce from the opening at $ 1,250.80 per ounce, with the US dollar index dropping 0.20% to 94.11, In more than two years compared to the opening at 94.30.
The rise in gold futures is supported by a weaker dollar index following disappointing economic data from the US economy that has limited the chances for Fed monetary policy makers to move forward with tightening monetary policy and raising interest rates on federal funds once again. In the shadow of inflationary pressures there, without the Fed's target of 2%.
In the same context, the escalation of political tensions against the US President forty-five Donald Trump with the developments of US investigations into the Russian intervention in the last major elections there, coupled with the return of market skepticism and investors' concern about the ability of President Donald Trump to implement his economic program.
Still weighs heavily on the performance of the US dollar index and drives investors to channel liquidity into safe havens such as precious metals, led by gold, hours after Trump said his administration would follow the latest developments in the Paris agreement.
Trump said the testimony of former FBI director James Kume to the Senate Intelligence Committee was false. He also noted that the vote to abolish the Opamakir health care project gives an opportunity to discuss alternative health care plans and that its abolition would not destroy the United States .
In addition, some members of Congress have recently said that the Senate will vote on the administration's request to cancel the health care project by early next week. The adoption of this law is the first legislative test for Trump in anticipation of the voting, which will reflect Trump's ability to implement His economic program, which includes reducing taxes and easing legislative restrictions on banks.