Gold rises as dollar weakens and equity rally slows Reuters gains

(Reuters) – Prices rebounded Friday above a key level of $ 1,500 while the dollar slid together with the euro, but hopes for a easing of tensions have boosted the stock markets, dampening the gains of the yellow metal.

At 11:56 GMT, spot gold rose 0.6% to $ 1,507.96 an ounce, up slightly for the week.

United States gold futures rose 0.6% to $ 1,515.60 an ounce.

The dollar index, which tracks the greenback's performance against a basket of six currencies, fell from its highest level in more than a week during the previous session, while the euro was increasing German bond yields, investors tend to speculate on the end of the European Central Bank's debt. To lower interest rates.

Investors are now turning to the US central bank meeting next week, which is expected to reduce its benchmark interest rate by at least 25 basis points for the second time in a row.

However, gold gains were limited, as global equities rose to their highest level in six weeks on signs of progress in US-China trade talks.

At the same time, it dropped 0.7% to $ 1,606.76 an ounce, after hitting a record of $ 1,621.55 on Thursday, while potential problems with labor were expected. South African mines fueled concerns over supplies.

But the metal used for auto stimulation in the automotive sector has increased by more than 4% since the beginning of the week and is heading for the sixth week in a row.

As for other precious metals, it rose 0.4% to 18.17 dollars an ounce, while platinum rose 0.8% to 958.68 dollars and is expected to rise for the fourth week.

(Prepared by Ahmed El-Sayed for the Arab Bulletin – Edited by Moataz Mohamed)