Gold prices fell on Thursday to deepen their losses for the second day in a row, the lowest level in a week, under the pressure of USD against a basket of global currencies, in conjunction with the slowdown in investment demand for safe havens assets.

Gold prices fell by 0.15% as of 10:45 GMT to trade at $ 1,304.39 per ounce from the opening level of $ 1,306.36 and recorded the highest level of $ 1,307.84 and the lowest of $ 1,302.80 the lowest in a week.

Gold prices lost 0.7% on Wednesday, the third loss in four days, and the biggest daily loss since January 18, as the US dollar rose.

The dollar index rose more than 0.2% on Thursday, extending for a sixth day in a row, reaching its highest level in five weeks at 96.37 points, reflecting continued US currency purchases against a basket of major and minor currencies.

As we know, the greenback is pressuring negatively on the prices of metals and commodities denominated in US dollars, making them very expensive for holders and consumers of other currencies.

USD purchases are currently taking place as the dollar is considered the best current investment in the foreign exchange market, especially as global central banks are currently moving strongly to maintain soft monetary policies and low interest rates this year to counter the economic slowdown and rising risks.