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10:21
Saturday, August 17, 2019
Cairo – Agencies:
Gold prices fell yesterday with rising stocks and the dollar, but fears of a slowdown in the global economy and lack of clarity regarding the US trade war and China allowed the precious metal to record a third consecutive week of gains.
Spot gold prices fell 0.6% to $ 1,513.17 an ounce late in the session, but ended the week up more than 1%, Reuters reported.
Futures on US gold fell 0.5% to $ 1523.60 an ounce.
Hopes of an official stimulus and a rebound in the bond market led to a sharp rise in US stocks at the end of a restless week.
The dollar index, which measures the value of the greenback versus a basket of six major currencies, reached its highest level in two weeks.
Gold has risen by more than $ 100 since the beginning of the month due to lower global bond yields, highlighting trade tensions and a series of disappointing economic data around the world.
Among other precious metals, spot silver fell 0.7% to settle at $ 17.13 an ounce, but recorded a second consecutive increase.
Platinum rose 1.1% to $ 848.00 an ounce, while palladium rose 0.3% to $ 1,448.83 an ounce.
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