Gold falls for second straight day as dollar regains ground

Gold prices fell on Thursday, to head for the second daily loss on profit-taking from a 1-week high, while the US dollar recovered against its peers.

Gold prices fell 0.7% to $1,812.57 an ounce, after opening at $1,825.84, and hit a high of $1,828.01.

The yellow metal lost 1% yesterday, and posted its first daily loss in 5 days on profit-taking from a 1-week high of $1,855.38.

The dollar index rose 0.3% today, in recovery attempts from a 2-week low of 90.25 points, which weighs down on the prices of gold and other dollar-denominated metals.

Demand for the US dollar have been renewed amid growing concerns about the global economic recovery this year, especially after the European Commission slashed the Euro-area growth outlook for 2021, and weak jobs data in the US.

Gold stocks at the SPDR ETF fell 4.38 metric tonnes yesterday, with the total at the lowest level since June 12 of 1,142.22 metric tonnes.