Gold prices has backed down from the highest level in three weeks


On Thursday Gold prices has backed down in the Europe market to continue correction the decreasing for the second day respectively from the highest level in three weeks, at the same time of USD recovery against the currencies, and increasing the most international shares markets leading by the American shares in Wall Street.

At 9:45 GMT Gold prices has backed down to the level 1237.77 USD for ounce from the opening level 1240.94 USD, and record the highest level 1242.52 USD, and the lowest 1236.59 USD.

Gold prices has losses by 0.1%, in a first loss during four days, because of the recovery process and collecting profits, after it recorded yesterday the highest level in three weeks 1244.53 USD for ounce.

During this week gold prices has recorded increasing by 0.8%, on it way to record a second weekly gain respectively, especially with the backing down the probability of increasing the American interest prices for the third time during this year.

 USD index has increased by 0.3%, continue its increasing for second day respectively, reflecting the continuing of USD levels recovery against the currencies, and that’s pressure negatively on the gold prices as it supports with USD, and it’s cost increased compared with other currencies holders.

 USD recovery comes by supporting a strong data for the American housing sector during June, after refreshing the American debentures profits for ten years, and the American economic waiting today for an important data about work market representing in weekly unemployment support demand, and about the industrial sector in Philadelphia.

The most international shares markets has increased, with continuing the increasing in American shares indexes in Wall Street to a new standard levels, with supporting the increasing of technology companies shares and health care shares, in the middle of announcing season about the results of companies business during the second quarter of this year.

Gold holdings is in the biggest international indexes boxes SPDR Gold Trust box which is supported with gold has decreased yesterday by 5.32 metric tons, in a third daily decreasing respectively, to the total 816.13 metric tons, and that’s the lowest level since 3 of last February.