Gold prices fell on Monday for the first loss in three days, about to give away the barrier of $ 1,300 an ounce for the first time in two weeks, under the pressure of the rise of USD against a basket of global currencies.
Gold prices fell by more than 0.5% as of 10:50 GMT to trade at $ 1,306.91 per ounce from the opening level of $ 1,314.07 and recorded the highest level of $ 1,314.87 and a low of $ 1,306.27.
Gold rose 0.3% on Friday, the second consecutive daily gain, supported by the purchase of safe assets, supported by the $ 1,300 per ounce barrier.
The yellow metal lost 0.3% last week, recording its first weekly loss in three weeks, under pressure from the strength of the US currency.
The dollar index rose more than 0.2%, continuing its eighth consecutive day of gains, hitting its highest level in two months, reversing the continued buying of the greenback against a basket of world currencies, pushing the price of gold and other metals denominated in US dollars.
US currency purchases are the best current investment in the foreign exchange market and the best alternative investment at a time of heightened risk in financial markets, especially given the uncertainty over the success of intensive talks between the United States and China to end trade disputes between the world’s two largest economies.
Gold holdings at SPDR Gold Trust The world’s largest gold-backed index fell Friday by 1.17 metric tons, its sixth consecutive daily decline, bringing the total to 802.12 metric tons, the lowest level since January 10.