Gold rises with the decline of USD

Gold prices rose on Monday, with the dollar falling somewhat, while investors retreated from expectations that the US Federal Reserve will raise interest rates by 100 basis points at its next meeting.

And the price of gold in spot transactions increased 0.7 percent to $ 1719.49 an ounce by 0724 GMT, after falling to its lowest level in nearly a year last week.

And US gold futures rose 0.6 percent to $ 1714.30.

The dollar fell from its highest level in 20 years, down 0.3 percent, lowering the dollar-denominated gold cost to buyers in other currencies.

Federal Reserve officials indicated on Friday that they would stick to a 75 basis point rate hike at the central bank’s July 26-27 meetings.

The European Central Bank is expected to raise rates by 25 basis points at its meeting later this week.

Among other precious metals, silver rose 1.1 percent to $18.89 an ounce, and platinum rose 1.4 percent to $862.69 an ounce. The price of palladium jumped 2.5 percent to 1875.12 dollars.