Gold gives up 1-week high as dollar rebounds

Gold prices fell on Thursday, to head for the first daily loss in 5 days on profit-taking from a 1-week high, while the US dollar rebounded against its peers.

Gold prices fell 0.5% to $1,834.17 an ounce, after opening at $1,843.08, and hit a high of $1,845.90.

The yellow metal gained 0.3% yesterday, and posted the fourth straight daily gain, and a hit a 1-week high of $1,855.38.

The dollar index rose 0.1% today, rising for the first day in 5, in recovery attempts from a 2-week low of 90.25 points.

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 to 3.8% in 2021 from 4.2%.

The European Commission attributed this cut to the new variants of the coronavirus, and most governments' struggle to contain the outbreak, which is a sign on the virus' ability to spread faster than before, which requires extending lockdown restrictions.

Gold stocks at the SPDR ETF fell 1.74 metric tonnes yesterday, with the total at the lowest level since June 12 of 1,146.60 metric tonnes.