Gold prices turn to the first weekly loss this year, as investors have harvested profits from a standard increase, amid anxiety over the policy of customs tariffs of President Donald Trump, which strengthened the power of the US dollar. Gold trades nearly $ 2875 an ounce, after closing 1.3% on Thursday, which was affected by Trump’s statements that customs tariffs on Canada and Mexico will be implemented on March 4, and that it would impose extra fees on Chinese imports. The US dollar rose 0.6%, which made the precious metal less attractive to foreign investors, due to the pricing in the dollar. The decline in gold has come over the past few days after the increasing demand for safe ports has prices to a record level of $ 2956.1 per ounces. Wide concerns about the effect of Trump’s potential definitions on US inflation, trade, global economy and geopolitical tensions emphasized the role of gold as a tool to keep value in times of uncertainty. US inflation data awaits Friday, investors will analyze the price of the basic personal consumption cost index in the United States, which excludes the cost of food and volatile energy, to obtain more references to the path of monetary policy. The index is expected to calm down to the slowest rate since June, which can support the direction to lower interest rates, which are positive for precious minerals that do not benefit as gold. Immediate gold fell 0.1% to $ 2,875.19 per gram at 08:11 in Singapore, with a weekly drop by about 2%. The “Bloomberg” index of the immediate dollar was stable, while silver, platinum and bolladium decreased.
Gold prices are on their way to the first weekly loss this year
