Gold price maintain rising on low US dollar

London (Dec 26)  Gold continued its rise, backed by the declined US dollar from its highest hit in 14 years reached last week.

Spot gold added 0.3% to $1,134 per ounce by 04:05am GMT.

US gold futures were higher 0.38% or $4.3to $1,135 per ounce.

The US dollar index declined 0.12% to 102.95 points against basket of currencies after the US Central Bank hinted in November that interest rate hikes would be of faster pace next year.

Silver shed 0.59% to $15.777 per ounce.

Technical analyst, Mahmoud Al Tamer, advised traders to sell gold and make use of any hikes to gain profits.

The analyst assured that the purchasing power of the US dollar still exists and advised investors to increase positions once entering a correction phase.

Source: Mubasher