Gold prices rose on Tuesday afternoon, floating above $1,830, up from $1,790 a day earlier, as a drop in the US dollar boosted demand for the greenback-priced metal.
Amid weakness in the dollar index, the yellow metal is pushing higher thanks to buying efforts from gold bugs. Over the next few days, gold prices are expected to rise to a range of $1,840 to $1,849 per ounce, according to analysts.
In today’s trading session, US retail sales data took center stage. April’s report showed Americans increased spending, indicating healthy progress in economic growth.
Meanwhile, silver advanced to $21.72 per ounce, while palladium and platinum edged down significantly. As China gradually reopens its economy, metals that are useful in the industrial sector are expected to benefit.
*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.
Subscribe to our newsletter to receive our weekly updates + more straight to your inbox!