Gold prices has backed down to record the lowest level in five weeks


On Wednesday the gold prices has backed down in the Europe market to continue its losses for the second day respectively, recorded the lowest level in five weeks, in a pressure of continuing the USD increasing against the international currencies, and increasing the probability of increasing interest prices by the federal reserve for the third time this year during the next meeting in December.
At 9:53 GMT gold prices have backed down by 0.4% to trade at the level 1288.25$ for ounce from the opening level 1293.89$, and record the highest level 1296.24$, and the lowest level since 25 of August 1285.80$.
Gold prices have losses yesterday by 1.2%, in a first loss during three days, with biggest daily losses since 3 of the next July, after the federal reserve president Janet Yellen speech about the inflation and monetary policy in Cleveland.
The USD index has increased by 0.2%, to continue its gains for the second day respectively, recording the highest level in five weeks 93.29 points, reflecting the acceleration in USD purchase process against the international currencies, and that’s affected negatively on the gold prices because of the inverse relationship between them.
The probability of increasing the American interest prices in the next December from 60% to 70% has increased yesterday before Yellen speech, and the ten-year category of the American debentures profits has increased today by four points to the 2.27%.
Janet Yellen has confirmed that the American economy is strong enough to stamina tighter monetary policy, and Leeds about continuing increasing interest prices gradually despite the weakness of inflation in the country.
Gold holdings are in the biggest international indexes boxes SPDR Gold Trust box which is supported with gold has increased yesterday by 6.5 metric tons to the total 862.58 metric tons, and that’s the highest level in 8 of the last June.