Gold traded slightly lower in the Asian session on Wednesday morning after gains so far yesterday’s New York session had reached a high of $ 1,745.00.
The upward trend in gold prices has continued since last week, however, the price eased slightly after reaching the resistance level that was tested for several weeks.
The rise in the value of gold was influenced by the depreciation of the US dollar to a 2 -week low following a decline in US treasury yields to 1.63%.
Meanwhile crude oil prices recorded an increase on Wednesday with a positive global growth outlook as well as reports of declining oil inventories of the United States, as the world’s largest consumer of oil.
The International Monetary Fund (IMF) has raised its global economic growth forecast with the expectation of a 6% increase in production for the year.
However, optimism over negotiations between the United States (US) and Iran and expectations of a resumption of oil supplies by producing countries will dampen the current rise in oil prices.
Crude oil, Canada's main export, has pushed the Canadian dollar to depreciate since Tuesday due to the impact of the crude oil market.
