Gold decreases with the rise of the dollar

Gold prices fell on Friday, with the rise of the dollar and investors’ reaping profits, but the precious metal is heading to achieve gains for the third week in a row due to the continued state of geopolitical and economic uncertainty and expectations for reducing interest rates by the Federal Reserve (US Central Bank).

By 1743 GMT, gold came down in instant transactions one percent to $ 3015.43 an ounce. US gold futures fell 0.7 percent to $ 3021.40 an ounce upon settlement.

Gold increased one percent this week.

“The market is taking place now. There are some profits at these levels, in addition to the strength of the dollar today,” said Edward Mayer, an analyst at Maricks.

The dollar index increased 0.3 percent, on Friday, which makes the gold -based gold the highest price for other currencies.

“Gold is witnessing in immediate transactions a health decline after its rise to an unprecedented level exceeding $ 3,000, and the power of the dollar recently has also prompted the gold to decline,” said Han Tan, the chief market analyst in Xinite Group.

It is usually seen in gold that does not generate returns as a tool for hedging in times of geopolitical and economic turmoil, as it flourishes in the low interest rate environment.

Gold recorded 16 records this year to reach a historical peak at $ 3057.21 an ounce on Thursday.

For other precious metals, silver in instant transactions fell 1.7 percent to $ 32.97 an ounce and platinum fell 1.1 percent to 973.45 dollars, while palladium rose 0.1 percent to 953.14 dollars. The three minerals turn a weekly loss.