Gold prices fell amid volatile trading on Tuesday to continue in a short time the huge losses in the previous session, which amounted to 2.5% to below $ 1800 USD/Troy ounce with the rise of the dollar, increasing pressure on the precious metal.
The euro extended losses against the dollar with the stock market’s failure to maintain the gains in early trade amid investors awaiting for more clarity about the debt crisis of the euro area.
Gold rose earlier in moving with the stock after reports that China may offer financial support for the Heavily Indebted Italy which led to calm the wave of selling it has been going on Monday, but continues to decline at a later time.
It fell in the spot market 0.4% to 1807.19 USD/Troy ounce at 0928 GMT, after falling for a short time to 1795.10 USD/Troy ounce, gold fell 2.7% since the beginning of the week after it achieved in August, the biggest monthly gain since November 2009.
U.B.S said in a report “may lead the power of the dollar to increase in difficulty before the rise of gold,” noting that the intervention of the central bank of Japan and his Swiss counterpart to rein in the power of the yen and the franc, meaning “the emergence of the dollar as a safe haven of last resort among the major currencies in the world to investors Amahgmin for the risk. ”
Silver rose 0.1 percent to 40.26 dollars an ounce, and platinum rose 0.4% to 1807.24 dollars an ounce, while palladium rose 0.9% to 708.58 dollars an ounce.