Dubai – Mubasher: Gold price increased on Wednesday, as the U.S. dollar rate fell against most major currencies, global stock markets moved back to the red zone and oil slumped to record lows.
The dollar dropped against a basket of major currencies, amid expectations the U.S. Fed would raise rates in its upcoming meeting this month. The greenback fell against the euro to its lowest level in a week.
Japan’s Nikkei slumped to its lowest level in more than a month, while Asian indices retreated except for Shanghai that bucked the downtrend.
Gold price rose by 0.20% or $2.5 to reach $1,077.80 per ounce. Silver also increased by 0.88% or $0.114 to reach $14.240 per ounce.
