Gold prices fell on the European market on Tuesday, extending losses for a second straight day as the USD rallied against a basket of global currencies, as well as slowing investment demand for the metal as a safe haven amid relative easing of tensions between the United States and North Korea.
Gold prices fell at 9:45 GMT to 1273.85 USD an ounce from the opening level of 1281.89 USD, and the highest level of 1282.06 USD, and the lowest 1272.71 USD.
Gold prices ended yesterday’s trading down by 0.6 %, the first loss in five days, on correction and profit taking after Friday’s highs hit a two month high of 1292.20 USD an ounce.
The dollar index rose 0.3 %, extending for a second consecutive day, reversing the greenback against a basket of global currencies, as risk appetite is again on the financial markets, pushing the price of USD denominated commodities and metals to a high cost for consumers. Other currencies.
The greenback’s rally comes ahead of the release of important US data on retail sales in July, one of the most important indicators of consumer spending, which accounts for 70 % of GDP.
US sovereign officials played down the risk of an impending war with North Korea, easing relative fears over tensions between the White House and the Boeing regime, which triggered widespread selling in the stock and bond markets last week.
Japan stocks gained strongly led by the banking sector and export companies. Shares in Europe rose for the second straight session, and US stock futures futures rose ahead of the opening of the official trading session on Wall Street.
Gold holdings in the SPDR Gold Trust Fund The world’s largest gold backed index rose yesterday by 4.14 metric tons, the first increase since July 21 to a total of 791.01 metric tons, the highest level in nearly two weeks