Gold prices rise by almost $2

Gold prices rose slightly on April 5 morning, to about $2,040 per troy ounce, reported from the auction data.

The price of June gold futures on the New York Comex exchange rose by $1.95, or 0.1%, to $2,040.15 per troy ounce. May futures for silver rose 0.31% to $25.18 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partner countries) fell by 0.55% a day earlier and is now at 101.58 points. The weakening dollar makes gold more affordable to buy in other currencies.

Now the price of gold is mainly determined by concerns about the US dollar, and economic factors do not suggest much support for the currency, Bloomberg quotes David Lennox, an analyst at Fat Prophets. The expert notes that gold continues to receive support as a safe-haven asset due to financial fears, including the recent banking crisis and geopolitical tensions.





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