Gold prices fell on the European market on Monday after failing to overcome the psychological barrier at $ 1,300 an ounce, as the US dollar rose against a basket of currencies, which is currently backed by the full possibility of raising US interest rates during the meeting of the Federal Reserve, which starts on Tuesday.

Gold prices fell by more than 0.3% as of 10:55 GMT to trade at $ 1295.55 per ounce from the opening level of $ 1299.80 and recorded the highest level of $ 1301.27 and the lowest level of $ 1294.12.

Gold prices ended Friday’s trading up 0.2%, the second consecutive daily gain, as investment demand on safe haven assets improved slightly ahead of the G7 meeting.

Over the past week, gold has gained about 0.4%, the second gain in the last three weeks, based on the halt of the rise of the US currency against a basket of global currencies.

gold chart

Dollar Index rose more than 0.1% on Monday, continuing its second consecutive day of gains, reversing the buying of the greenback versus a basket of major and secondary currencies amid full potential for a quarter-point hike in US interest rates this week.

Tuesday, the Federal Reserve meeting to discuss the appropriate monetary policy for developments in the world’s largest economy, and the current probability of 100% to raise US interest rates to the range of 2.0%, the second increase in interest rates during this year, the former US monetary policy makers To raise interest rates three times in 2018.

Gold holdings at SPDR Gold Trust The world’s largest gold-backed index fell on Friday by 3.83 metric tons to 828.76 metric tons, the lowest since February 16.