Gold prices in the European market declined Tuesday to continue their losses for the second straight day, with the rise of the dollar against a basket of global currencies, prior to the issuance of major inflation data in the United States, which is expected to provide new evidence about the pace of the US interest rate increase During this year.
Gold prices fell by more than 0.3% until 09:50 GMT to be traded at the $1318.17 level of the $1322.87 opening level, registering the highest level of $1325.70, and the lowest level of $1316.99.
Yesterday's gold price lost 0.1%, the third loss in the last four days, due to weak investment demand for safe havens.
The dollar index on Tuesday rose by 0.2 percent, in a way toward the first gain in three days, reversing the recovery of U.S. currency purchases against a basket of currencies, which puts a negative pressure on the prices of dollar-denominated metals, which makes them too expensive for currency holders. The other.
The rise of the US currency ahead of the major inflation statements in the United States during February February later in the day, which provides strong evidence about the Federal Reserve Board raising US interest rates four times this year, it should be noted that the pace of American inflation achieved higher expectations during January January.
Gold holdings of the SPDR Gold Trust, the largest global indicator fund supported by gold, remained yesterday with no significant change for the third consecutive day at a total of 833.73 metric tonnes.