Gold is suffering a weekly loss because of the dollar

Gold prices fell, during today's trading, Friday, and appears to be heading for its first weekly loss in 3 weeks, while the dollar continues to rise.

And gold fell in immediate transactions by 0.2% to 1903.24 dollars an ounce, by 06:31 GMT, to lose 1.4% since the beginning of this week.

While US gold futures fell 0.1% to 1907.50 dollars an ounce.

"There is some additional bullishness for the dollar, which is an opposite factor for gold, in addition to the ongoing stimulus negotiations (between the White House and Congress) that have not resulted in progress," said Edward Moya, senior market analyst at Oanda Consulting.

The expert added, "Everyone agrees that there will be no agreement (on stimulus) before the presidential elections."

The dollar, which is considered a safe haven, is heading towards recording its first weekly gain in three weeks, supported by the rise in global Coronavirus infections, and the bets on the US stimulus package have dissipated.

The Covid-19 pandemic caused unprecedented printing of banknotes and lower interest rates globally, which puts gold on a better general path for it in ten years, given its attractiveness as a hedge against inflation and currency depreciation.

Follow our latest local and sports news, and the latest political and economic developments via Google news