Gold price in the European market fell again on Monday to $ 1,200 per ounce, the first loss in three days, due to the rise of the dollar against a basket of currencies, backed by ten-year US bond yields to the highest level in seven years.

Gold prices fell by more than 0.7% as of 10:22 GMT to trade at $ 1,194.15 per ounce from the opening level of $ 1,202.68 and recorded the highest level of $ 1,204.08 and the lowest level of $ 1,192.95.

Gold ended Friday’s trading up 0.3%, the second consecutive daily gain, supported by the decline of the US dollar. Over the past week, gold prices rose 1.0%, the second gain in the last three weeks, following a relative improvement in demand for the metal As a safe haven.

The dollar index rose by 0.4% on Monday, making its first gain in three days, reversing the buying of the greenback versus a basket of currencies, pushing the price of gold and other metals denominated in US dollars.

The renewed dollar buying comes after 10-year US bond yields rose to the highest level since May 2011 at 3.233%, with strong prospects for the Federal Reserve to accelerate monetary policy tightening amidst strong economic growth in the country, Unemployment last September reached its lowest level since 1969.

The US dollar also supports the Chinese central bank’s move to boost the economy by cutting the mandatory reserve of local banks, the fourth cut this year as the country tries to combat the effects of the escalating trade dispute with the United States.

Gold holdings at SPDR Gold Trust fell Friday by 1.47 metric tons to a total of 730.17 metric tons, the lowest since February 12, 2016.