Gold prices fell on the European market on Tuesday, close to the second loss in three days, on correction and profit taking after strong gains in the last period, as well as the cessation of the decline of the dollar against a basket of currencies.

Gold prices fell by 0.5% as of 11:15 GMT to trade at $ 1.283.11 per ounce from the opening level of $ 1,288.61 and recorded the highest level of $ 1,290.21 and the lowest level of $ 1,281.67.

Gold ended yesterday’s trading up by 0.3%, after losing 0.7% on Friday due to correction and profit taking, after hitting a seven-month high of $ 1,298.54 an ounce.

The yellow metal gained 0.5% over last week’s trading, the third weekly gain in a row, supported by weak US dollar performance, as well as strong investment demand for the metal as a safe haven.

The dollar index rose more than 0.2% on Tuesday, making its first gain in four days, rebounding from a three-month low of 95.18, reversing the decline of the greenback against a basket of global currencies.

The fall in USD comes with a relative improvement in risk levels in the financial markets and the purchase of high-yielding assets, based on hopes of resolving existing trade disputes between the United States and China during the ongoing talks in the Chinese capital Beijing.

Gold holdings with SPDR Gold Trust The world’s largest gold-backed fund fell yesterday by 1.47 metric tons, its first drop since Dec. 27, bringing the total to 796.78 metric tons, down from the highest level since July 25, 2018 At 798.25 metric tons.