Strength of the U.S. dollar leads to losses in gold

Untitled-1 copy

The price of gold fell more than 20 U.S. dollars per ounce on Friday, where the strength of the dollar caused the U.S. to make the metal more expensive to foreign buyers. Analysts attributed the movement to the bearish global data worse than expected, resulting in investors convert their money into safe haven assets. The price of gold fell to its lowest level at 1576.03 USD/Troy an ounce during the afternoon session before closing the week at 1583.57 USD/Troy an ounce.
During this week, may extend the downward trend in gold especially if it continues to fall against the U.S. dollar. And traders will want to focus on any developments in the euro zone. And any signs that the debt crisis in the region in the deterioration, the result of this high risk aversion in the market, which could lead to exposure of gold to further losses.