A slight decline in the gold levels waiting for the next step

Gold prices witnessed a slight decline during the Asian session on Monday, after the extraordinary performance that dominated the gold levels during the past three weeks and prompted gold to rise and record its highest level in four months.

Gold prices trading at $ 1166.40 an ounce, the lowest level after the record at $ 1164.30 an ounce, and opened today's session at $ 1172.70 an ounce, and the highest level recorded in four months on Friday at $ 1174.40 an ounce.

The current rise in gold prices came under the support of the low dollar levels against the major currencies, which helped gold to rise under the the inverse relationship between the two since the fact that the gold commodity priced in dollars.

Last week witnessed a decline in the dollar levels against major currencies to hit its lowest level in four months, after a negative outlookthat took control of the markets about the transfer of the current weakness in the global markets to the US economy, pushing the Fed to abandon the idea of raising a gradual interest rates, during this year.

But with the end of the week the employment sector data released from the US economy, that helped significantly to balance things again after the drop in the unemployment rate to its lowest level in eight markets, which reflects strong and stability of the labor sector in the United States of America.

The dollar index, which tracks the dollar's performance against a basket of major currencies witnessed a volatility and weak movement during today's trade, trading around the 97.0 level after recording the highest at 97.11 and the lowest at 96.97 comes after registering last week, its lowest level in four months at 96.25.