Gold logs modest weekly losses

Gold prices rose during the day supported by the decline of the dollar against most major currencies, which eased the pressure on commodities, but the precious metal recorded minor losses.

Economic data showed consumer confidence in the United States fell this month after the impact of tax cuts faded.

On the other hand, by 17:35 GMT, the dollar index (against a number of major currencies) fell by 0.3% to 96.8 points, reaching a high of 97.1 points and a low of 96.7 points.

The European Union has threatened to draw up a list of US imports worth about 20 billion euros that could be targeted by tariffs if Trump carries out his threats to impose tariffs on $11 billion worth of European Union products.

Meanwhile, Gold futures (June delivery) rose by 0.2% or $1.90 and closed at $1,295.2 an ounce. The precious metal hit a day high of $1299.1 and a low of $1293.7. While the metal posted weekly losses by about 40 cents.