Gold on The Verge of Suffering a Weekly Loss

Gold fell today, Friday, and appears to be heading towards its first weekly loss in three weeks, while the dollar is holding on to its rally while providing more fiscal stimulus in the United States appears unlikely before the presidential election.

Gold spot fell 0.2% to 1903.24 dollars an ounce before the opening of European markets, to lose 1.4% since the beginning of this week.

US gold futures fell 0.1% to $ 1,907.50.

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 cases and dispelling bets on the US stimulus package.

The Covid-19 pandemic has caused unprecedented printing of money and low interest rates globally, which puts gold on its best overall path in ten years due to its attractiveness as a hedge against inflation and a depreciating currency.

As for the other precious metals, silver fell 0.8% to $ 24.11 an ounce and fell 3.9% for the week.

Platinum fell 0.4% to $ 860.22 an ounce, and palladium fell 0.1% to $ 2,350.45.