Gold prices fell slightly in the European market on Wednesday to continue losses for the fifth day in a row, near its lowest level in four months recorded earlier in yesterday's trading, which comes due to the pressures from the rebound of investors' risk appetite, while their focus shifted to high-yielding assets.

As of 10:05 GMT, Gold prices fell by 0.1% to trade at $1,275.30 per ounce from the opening level of $1,276.66, with the highest level at $1,279.76 and a low of $1,274.61.

Yesterday, gold prices lost 0.8%, the fourth consecutive daily loss, and posted a four-month low of $1,272.97 an ounce.

The main factors in the recent fall of gold prices are the high-risk appetite of investors and their focus on buying high-yielding assets, which is currently reflected in the rise of most global equity markets.

Investors' risk appetite rose on strong signs of progress in the US-China trade talks, as the world's two biggest economies are approaching a comprehensive trade agreement, with a strong start of the corporate earnings season on Wall Street.

Concerns about the slowdown in the global economy also declined as China's positive economic data continued to be released, as today's Chinese data showed the growth of the world's second-largest economy was better than forecast during the first quarter. as the Chinese industrial production jumped in March to its highest level since 2014.

With investors' focus shifting to high-yielding asset markets, investor interest for the precious metal and the financial institutions fell, as holdings on the largest gold-backed investment fund fell yesterday to a six-month low.

Gold holdings on the SPDR Gold Trust Fund The world's (largest gold-backed fund) fell yesterday by 1.76 metric tons, the second consecutive daily decline, bringing the total to 752.27 metric tons, the lowest level since 24 October 2018.

The US Energy Information Administration (EIA) revealed today that crude inventories in the United States fell by 1.4 million barrels to a total of 455.2 million barrels last week, while analysts expected it to increase by 1.7 million barrels.

US gasoline inventories fell by 1.2 million barrels to 228 million barrels, while distillate stocks fell 400,000 barrels to 127.7 million barrels.

This comes after the American Petroleum Institute (API) announced in preliminary data yesterday, That oil inventories in the country declined by 3.1 million barrels.

The Canadian Consumer Price Index (CPI) rose by 0.7% in March, according to economists' forecasts and the previous reading of 0.7%.  

Also, the Consumer Price Index (CPI) on a year-over-year basis rose 1.9% in March, up from a 1.5% increase in February's previous reading, according to experts' expectations of the same rise.

US stocks opened stable on today's trading, as the first quarter's corporate earnings reports continued to arrive in the market, as well as the market's anticipation for the outcome of the US-China trade negotiations.

The markets are counting on US Treasury Secretary Stephen Menuchin's comments that trade negotiations with China are in the final stages and the two countries are close to concluding an agreement.

On the other hand, the White House is looking into appointments of potential candidates for the Federal Reserve Board, as the Democratic Party leaders rejected some candidates.

Meanwhile during trading, by 14:33 GMT, Dow Jones fell by less than 0.1% (equivalent to 13 points) to reach 26,439 points, NASDAQ rose eight points to 8,008, while Standard & Poor's fell by only half a point To 2,906 points.