Egypt Independent

US dollar continues to decline against euro



Gold prices rose on Thursday, nearing the highest level in four months, after a stronger tone from the European Central Bank (ECB) in its last meeting, which backed the euro against the dollar, Reuters reported.

The ECB’s December 2017 meeting showed that the ECB must reconsider its policy in early 2018, and gradually adjust its language to reflect improved growth prospects.

The dollar grew weaker in general after data showed higher requests for unemployment benefits made to the US government, accompanied by a decline in the income for producers.

The spot gold price in the US increased by 0.4 percent to record $1,322.36 an ounce in its latest session, after it reached $1,326.56 on Wednesday, its highest level since September 15.

Gold contracts for February in the US increased by 0.2 percent to stand at $1,322.50 an ounce.

Among other precious metals, silver rose by 0.24 percent to record $16.98 an ounce after hitting a two-week low of $16.86 on Wednesday.

The cost of platinum, meanwhile, increased by 1.3 percent to $983.50 an ounce after hitting $985.10, its highest level since September 15.

Palladium rose by 0.23 percent to $1,085.50 an ounce after hitting a nine-day low of $1,075.50.

Edited translation from Al-Masry Al-Youm