Gold prices soaring ahead of US inflation data
[url=https://www.thebaghdadpost.com/ar/Story/t/2001/%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1 %D8%A7%D9%84%D8%B0%D9%87%D8%A8]Gold prices[/url] rose on Friday, heading for weekly gains, as the US dollar fell and ahead of economic data releases.
By 0650 GMT, the price of gold futures for delivery in February rose by 0.5% to 1293.40 dollars an ounce.
The spot delivery price of the yellow metal increased by 0.4% at $ 1291.99 an ounce.
During that period, the major dollar index, which measures the performance of the currency against six major currencies, fell by 0.2% to 95.391.
The US currency is under pressure from the Fed's less hawkish tone, along with negative economic data and continued government closures that drive transactions into safe haven assets.
Federal Reserve Chairman Jerome Powell said the central bank would be patient in raising interest rates, saying it would wait for economic growth due to mixed signals from the market and data.
As for the partial US government closure that began in the last week of 2018, and continues, Congress and the US President are demonstrating their failure to reach agreement every time they meet to discuss the budget issue.
The credit rating agency Fitch warned that the sovereign credit rating of the United States could be lowered later this year if the US government remained partially closed.
Later in the day, inflation data in the United States will be released from December.