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| 21 July, 2018

Gold prices decline for 2nd week in row

Trade war concerns also helped increase demand for the yellow metal as a safe haven

Customers crowd around a jewellery showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017.

Customers crowd around a jewellery showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017.

REUTERS/Sivaram V
Mubasher: Gold prices recorded its second consecutive weekly decline despite rising on Friday.

The precious metal was supported by the mixed performance by the US dollar, after the remarks by President Donald Trump regarding his disagreement with the Federal Reserve on rising interest rates.

Trade war concerns also helped increase demand for the yellow metal as a safe haven.

Gold futures for August delivery rose on Friday by 0.6% settling at $1,231.10 per ounce, but fell 0.8% on the week.

Source: Mubasher

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