Gold prices on the European market rose on Friday for the first time in five days amid attempts to recover from a six-month low on the back of the dollar’s rally against a basket of currencies. Fourth quarter of 2016.

Gold prices rose by more than 0.2% as of 0910 GMT to trade at $ 1,251.55 per ounce from the opening level of $ 1,247.88 and recorded a high of $ 1,252.79 and a low of $ 1,246.04.

Prices fell 0.3% on Thursday, the fourth daily loss in a row, and the lowest in six months was $ 1,245.92 an ounce, as the strength of the performance of the US currency against a basket of currencies.

Gold Chart

The dollar index fell more than 0.6% on Friday, as the correction and profit taking accelerated after yesterday’s 11-month high of 95.24 points, reversing the rise of the greenback against a basket of global currencies, which currently supports the rebound in gold and other metals prices Denominated in US dollars.

The rise in USD comes in favor of the strengthening of the euro, especially after the European Union leaders reached an agreement to end immigration problems, as well as data showing the rise in European inflation in June.

For the week, gold prices have lost 1.4%, almost a third consecutive weekly loss, and prices fell 5.5% over the second quarter of this year, which officially ends at today’s price adjustment, recording the biggest quarterly loss For yellow metal since the fourth quarter of 2016, driven by the strength of the US dollar, weak investment demand levels on safe haven assets, and signs of the prospects of normalizing global monetary policy in the near and medium term.

Gold holdings with SPDR Gold Trust The largest global gold-backed index fund fell yesterday by 1.18 metric tons, the second consecutive daily decline, to a total of 820.51 metric tons.