Gold prices fell on the European market on Thursday to continue its decline for a second day in a row, with the correction from the highest level in six weeks, and under the pressure of the rise of the US dollar against a basket of currencies.
Gold prices fell 0.2% as of 10:55 GMT to trade at $ 1,235.92 per ounce from the opening level of $ 1,237.72 and recorded the highest level of $ 1,240.85 and the lowest level of $ 1,234.75.
Gold prices ended yesterday’s trading lower by 0.2%, the first loss in three days, with the activity of correction and profit taking, after the previous day prices recorded a six-week high of $ 1,241.96 per ounce.
The dollar index rose 0.1% on Thursday, extending its second consecutive day of gains, reflecting the continued improvement of the US currency against a basket of global currencies, pushing the price of gold and other metals denominated in US dollars.
The improvement in the US currency ahead of the release of important data on the labor market in the United States during November, today the data of new jobs in the US private sector, and Friday the data of new jobs in the non-agricultural sectors.
The positive of these data will strengthen the strength indicators of the growth path of the world’s largest economy and will enhance the likelihood that the Federal Reserve will continue to tighten monetary policy in the near future
Gold holdings in the SPDR Gold Trust Fund The world’s largest gold-backed funds remained unchanged for the second day in a row at 758.21 metric tons, the lowest since November 7.