Gold is heading for its worst daily performance since 1983, falling 12% in the latest transactions

Gold deepened its losses in Friday’s trading, falling by more than 12%, recording its worst daily performance since 1983, affected by profit-taking operations, in addition to the strength of the dollar before the announcement of the new president of the Federal Reserve (the US central bank), but the precious metal is still on its way to recording its strongest monthly gains since 1982, with investors seeking safe havens.

Prices of other precious metals fell sharply as profit taking began.

By 22:32 UAE time, gold in spot transactions fell 12% to $4,726.37 per ounce.