Fresh decline of gold on stronger US dollar

Gold continues to decline starting the beginning of the US trading session on Monday, affected by the rise of the US dollar after changing its direction due to the markets’ focus on the current events in China.

Gold futures fell to $ 1740 per ounce, versus the previous closing at $ 1754. The precious metal contracts rose to its highest level in the current session at 1761 points, compared to the lowest levels recorded at 1739.

China is witnessing record high Covid infections over the past five days in a row, triggering market fears about the continuation of lockdown in major cities.

The US dollar has been trying to restore the bullish trend since the beginning of trading on Wall Street on Monday, supported by the investors’ attention to global financial growth after the developments in China.