Gold prices in the European market fell on Wednesday to resume their losses, which stopped temporarily yesterday, and this retreat comes by the fact that the United States dollar has been cut off against a basket of currencies, with the continued weakening of investment demand for the assets of safe havens.
Gold prices fell by 0.2% by 09:53 GMT to be traded at the $1324.22 level of the 1325.81 from the opening level, registering the highest level of $1330.01, and the lowest level of $1323.41.
Yesterday's gold price rose 0.3 percent, with the US dollar falling, after data showed a decline in the US inflation rate during February February.
The dollar index on Wednesday rose by about 0.2 percent, in a way toward the first gain in three days, reversing the US currency drop-off against a basket of global currencies, which puts a negative pressure on the prices of dollar-denominated minerals.
The US dollar's decline comes amid the assessment of new developments in the United States, for the abrupt dismissal of Foreign Secretary Rex Tilerson, and the appointment of CIA director Mike Bombu instead.
Later in the day, investors are waiting for important economic data from the United States, on retail sales, one of the most important data measuring the level of spending consumption, which represents more than 70% of the value of GDP, and about producer prices is the leading indicator of the American inflation rate.
Gold holdings of the SPDR Gold Trust, the largest global indicator fund supported by gold, remained yesterday with no significant change for the fourth consecutive day at a total of 833.73 metric tonnes.