Gold prices extend losses to its lowest level in three months due to US interest rates outlook

Gold prices fell during the European market on Monday, extending losses for the ninth straight day, marking the lowest level in more than three months, due to strong expectations for the Federal Reserve to raise interest rates more than once this year.

By the time 10:15 GMT, gold is trading around $ 1206.70 per ounce from the opening level of $ 1213.01 and recorded its highest level of $ 1213.35 and a low of $ 1199.64 the lowest since 17 last February.

On Friday gold prices fell 0.7 percent, the eighth daily loss in a row, among the longest series of daily loss since November 2016, after Janet's comments "president of Federal Reserve", and over the past week, prices lost 3.2 percent, its fourth weekly loss respectively, the biggest weekly loss since November 2015.

Janet Yellen "president of the Federal Reserve on Friday said that the continuing improvement in the US economy justifies higher interest rates this year, joining the majority of the members of the Council supporters to raise interest rates during the upcoming Federal reserve meeting in June or July.

last week, traders bets to raise US interest rates in June recorded 34 percent from 32 percent the previous week, and in July rose to 54 percent from 47 percent.

Gold holdings at SPDR Gold Trust Fund the world's largest gold-backed funds indices yesterday remained unchanged at Total 868.66 metric tons.