Gold prices fell on the European market on Friday for the first time in four days on correction and profit taking after yesterday’s two-month high and the biggest daily gains since Britain’s 2016 split, Against a basket of currencies, and the purchase of the metal as a safe haven amid open selling operations that dominate the global stock markets at the moment.
Gold prices fell 0.6% to 8:15 GMT to trade at $ 1,217.15 per ounce from the opening level of $ 1,223.95. The highest level was $ 1,224.11 and the lowest level was $ 1,215.87.
Gold ended yesterday’s trading up 2.5%, its third consecutive daily gain, with its biggest daily gain since June 24, 2016, hitting a two-month high of $ 1,226.31 an ounce.
Over the course of the week, gold prices soared 1.2% in the second consecutive weekly gain after the US currency fell against a basket of currencies, and purchases of the metal as safe haven amid open selling operations dominating global equity markets present time.
The US currency fell to a two-week low against a basket of global currencies, which supported the rise in the price of gold and other metals denominated in US dollars, the decline for the world’s strongest currency for several reasons, including investors’ risk aversion in high-yielding currencies.
After new criticism from US President Donald Trump of the Federal Reserve policy and interest rates, US Treasuries fell from their highest level in seven years and after less than expected data on key US inflation levels in September.
This week, the metal buying as a safe haven accelerated, amid the open sell trades that dominate the global stock markets in the current period, especially Wall Street stocks, which hit a three-month low on Thursday, International Monetary Outlook Growth forecasts for the world economy during 2018 and 2019.