Gold rallies to highest level in over a week

Gold prices reversed their downtrend at settlement today, April 29, benefiting from the decline in the US dollar and bond yields, as investors awaited the Federal Reserve’s policy meeting this week.

Bullion for June delivery climbed by 0.4%, or $10.5, to $2,357.7 per ounce, after recording weekly losses of 2.75%.

This is the highest price that the precious metal has reached since the April 19 session, when trading ended at $2,413.8 per ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, dropped 0.30% to $105.63 at 09:28 pm Makkah time.

All eyes are on the Fed’s rate-setting committee meeting this week. Traders are also closely monitoring the US labor data to assess monetary policy prospects for the states.