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The US dollar declined under pressure from soaring gold prices, which approached record highs after benefiting from a decline in US Treasury yields due to US data released on Thursday.
The dollar index, which measures the performance of the US currency against a basket of major currencies, fell to 107.99 points, compared to the previous day’s close of 108.00. The index rose to a high of 108.25 points and a low of 107.50 points during the current trading day.
Gold futures rose to a record high after adding about 2.7% to reach $20,853, driven by falling US Treasury yields hurt by weaker-than-expected US growth readings.
Some issues related to US President’s threats to impose tariffs on US imports in the coming period also contributed to the increased demand for the safe-haven asset.
