Gold prices are close to a record high
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| Gold prices today |
Gold prices rose today, Tuesday, June 1, 2021, to their highest levels in five consecutive months, supported by the decline in the dollar and growing inflationary pressures, while investors await more US data on the global economic recovery.
- The price of gold in spot transactions increased by 0.1%, and its price reached 1910.24 dollars per ounce.
- The price of gold in US futures rose 0.4%, reaching $ 1913.
In order to see the inverse relationship between the price of gold and the price of the US dollar, we find that the dollar index fell by 0.2% against the major currencies, which makes gold less expensive for holders of other currencies.
In the same context, we find that the rise in gold prices has economic indicators that show the rise in consumer prices in the United States last April, while the core inflation measure exceeded the Federal Reserve's target of 2%.
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