On Friday the gold prices have backed down in the Europe market to continue its losses for the second day respectively, because of the USD stopped from decreasing against the currencies, and the prices are going for a weekly loss especially after an international central Banks hints to tightening the monetary policy and increasing interest prices.
At 9:15 GMT gold prices have backed down to the level 1243.50 USD for ounce from the opening level 1245.46 USD, and record the highest level 1248.24 USD and the lowest 1241.99 USD.
Gold prices have ended yesterday trading with a decreasing by 0.5%, in a first loss during three days, after a data comes from the United States observed a growing better than expected on the biggest economy in the world during the first quarter of 2017.
USD index has increased by 0.3%, and on its way to achieving the first gain during four days, in the recovery process from the lowest level in nine months 95.21 points, reflecting the USD buying process against the international currencies, and that’s affected by negative on gold prices as it supported with USD, and it cost increased compared with the other currencies holders.
The stopped of USD decreasing comes before the issue of an important data from the United States about the consumer spending levels during May, and about customers trust with an economic during June.
During the current week gold prices have losses by 1.1% and on its way to record the third weekly losses during one month, especially after the last hints of the international central Banks governors about tightening the monetary policy and increasing the interest prices.
The Europe Central Bank governor Mario Draghi said that he sees scope for shrinking the monetary policy motivation again in the Eurozone, and the British central governor Mark Carney said that the interest rates may need to increase soon.
Gold holdings are in the biggest international index boxes SPDR Gold Trust box which supported with gold is still yesterday without any change mentioned and that’s for the third day respectively at the total 853.68 metric tons.