Gold prices fell on Thursday to continue losses for the second day in a row, as the dollar strengthened against a basket of global currencies, in addition to slowing demand for investment on the metal as a safe haven.

Gold prices fell by 0.25% as of 10:55 GMT to trade at $ 1,279.88 per ounce from the opening level of $ 1,282.68, and recorded a high of $ 1.284.80 and a low of $ 1,278.38.

The price of gold on Wednesday lost 0.25%, the fourth loss in the past five days, due to poor investment demand levels on safe havens assets.

The dollar index rose 0.4% on Thursday, resuming its strong two-day rally, hitting a three-week high of 96.13 points, reversing the greenback against a basket of global currencies.

USD rising comes at the expense of the weakness that dominates the single euro currency during the current period, especially with the continuation of economic data in Europe, which confirms the continued slowdown of the European economy since the middle of last year.

The slowdown in Europe’s economy reduces the chances for the ECB to normalize monetary policy this year. In order to re-evaluate these opportunities, investors are expected later today the results of the first ECB monetary policy meeting in 2019.

Gold holdings in the SPDR Gold Trust Fund The world’s largest gold-backed fund was unchanged yesterday for a third straight day, at 809.76 metric tons, the highest level since June 29, 2018.