By: Mahmoud Gamal
Mubasher: Gold rebounded from its lowest level in 10 months on Monday, coinciding the US dollar falling from its highest levels in 14 years.
Spot gold added 0.2% to $1,142 per ounce by 04:00am GMT.
US gold futures were higher 0.25% to $1,140.25 per ounce.
On the other hand, the US dollar index went down 0.23% to 102.69 after reaching its highest since April 2003 on Friday.
Raising the rate by the US Federal last week and that strong expectation of increasing it next year negatively impact gold, technical analyst, Zamil Al Otaiby, told Mubasher.
Gold's current levels are purchasing, Namaa Invest CEO, Eyad Arif, told Mubasher, expecting that it will rise to the levels of $1,155 per ounce in the coming days.
Arif added that gold may tend to more gains next year and reach $1,450 per ounce, amid the US indices heading to big correction phase, and especially the Dow Jones index which is expected to fall after approaching 20,000 points.
Translated by: Sara Ghali
