Gold prices on the European market rose on Thursday for the first time in four days, recovering from a three-week low recorded earlier in the day. The rise is based on the decline of the US dollar against a basket of global currencies.

Gold prices rose more than 0.7% as of 10:15 GMT to trade at $ 1,223.95 an ounce from the opening level of $ 1,215.22 and recorded a high of $ 1,226.79 and a low of $ 1,215.22.

Gold ended yesterday’s trading 0.65% lower, its third consecutive daily loss, hitting a three-week low of $ 1,211.97 an ounce, as the dollar rallied against a basket of currencies.

Over the course of October, gold prices rose 2.0%, marking the first monthly gain since March, with the purchase of safe havens assets led by gold precious metal, amid the sell-off that dominated global stock markets during the month .

The dollar index fell 0.6% on Thursday, recording its first daily loss in four days, in a correction and profit taking after yesterday’s 16-month high of 96.97 points, reversing the greenback against a basket of major and minor currencies, In favor of higher prices for gold and other metals denominated in US dollars.

The decline of the US currency comes from high levels, with the increasing demand for the purchase of the currencies of the pound sterling and the euro, after the positive news in Europe on the British government and the European Union reached a preliminary agreement on financial services, paving the way for the completion of the package of Britain’s exit from the European Union before the separation into force Actual in March 2019.

Gold holdings with SPDR Gold Trust The largest global gold-backed index fund fell yesterday by 0.88 metric tons, its first daily decline since October 19, bringing the total to 754.06 metric tons.