Gold prices are about to incur the biggest weekly loss in 2019 due to USD strength

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Gold prices fell  on Friday, resuming losses, which were temporarily halted yesterday as part of a week-long lows from the week’s low, about to make the first weekly loss in the past three weeks and the biggest weekly loss in 2019 as the dollar rallied against a basket of world currencies .

Gold prices fell by 0.15% as of 0840 GMT to trade at $ 1,308.39 per ounce from the opening level of $ 1,310.31 and recorded the highest level of $ 1,310.86 and a low of $ 1,307.79.

Yesterday, gold prices rose 0.3%, reversing from a week low of $ 1,302.80 an ounce recorded earlier in the session.

But over the course of the week, gold prices have so far fallen by 0.8%, close to the first weekly loss in the past three weeks, and the biggest weekly loss in 2019, due to the wide appreciation of the US dollar against a basket of currencies.

The dollar index rose more than 0.1% on Friday, continuing its seventh straight day of gains, reaching its highest level in five weeks at 96.46 points, reflecting the continued wide appreciation of the US currency against most major and secondary currencies.

USD is rising as demand for investment in the US currency is rising as the best investment in the foreign exchange market, with increasing negative pressures on other major currencies, especially the Euro and the Pound Sterling, specifically the pressures on economic growth in Europe and the UK.

It is widely expected that these pressures will force central banks in Europe and Britain to continue soft monetary policies and low interest rates to try to halt the deterioration of growth and prevent it from reaching a recession.

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