Gold is heading to record its largest weekly loss in 6 weeks

Capitals, July 17 / WAM / Gold is heading to record its largest weekly loss in six weeks today, Friday.

Gold rose in instant transactions by 0.5% to $3,988.20 per ounce by 03:13 GMT, after recording earlier in the session the lowest level since the first of July.

US gold futures for August delivery settled at $3,992.

However, the yellow metal has lost 3.2% since the beginning of the week, which is its largest decline since the beginning of last June.

As for other precious metals, silver fell in spot transactions 0.5% to $55.22 per ounce, platinum fell 0.7% to $1,605.62, and palladium fell 0.4% to $1,244.86. The three metals are heading towards recording a weekly loss.

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