Gold Stabilizing Near a Multi-Month High

Gold stabilized today, Monday, consolidating near the peak of four and a half months, supported by the decline of the dollar and a wave of selling of cryptocurrencies, while investors await the release of important economic data this week.

The spot price of gold was little changed at $1881.40 an ounce. Gold prices reached their highest level since January 8th, last week, recording 1889.75 dollars an ounce. And US gold futures rose 0.3%, to record 1,882.10 dollars an ounce.

Independent analyst Robin Bahar said that gold exceeded its average movement in 200 days after the fluctuations of last week, following China’s measures related to commodities and details of the US Central meeting, supported by the decline in the dollar, bond yields and doubts about inflation.

Meanwhile, the dollar index remained near its lowest level in three months, making the yellow metal more attractive to holders of other currencies.

In other precious metals, palladium rose 0.2% to $ 2787.62 an ounce, and silver rose 0.6% to $ 27.68. Was little changed on platinum, which scored 1166.96 dollars.