Gold Snaps Four-Week Rising Streak Maintaining $1,800 Key Level

Gold prices declined on Friday, extending their weekly decline that snapped a four-week rising streak, amid the rise of the U.S. Dollar (USD) and an improvement in risk appetite among investors, who seem to be less worried about reflation and slow recovery concerns.

However, the yellow metal was supported by the USD’s fluctuating performance as the greenback continue to struggle for direction and the spread of the Delta variant of the coronavirus.

Front-month gold futures fell by $3.60 or 0.20% and closed at $1,801.40 an ounce, losing $13.10 or 0.72% for the week.

This marked the lowest closing level for the yellow metal contracts since July 8 and its biggest weekly drop since June 18.