Gold prices rose in the European market on Thursday, continuing its gains for the second day in a row, as recovery process from the lowest level in four months continues, resisting the broad rise of the US dollar against a basket of global currencies.

As of 10:40 GMT, Gold rose by 0.15% to trade at $1,277.55 per ounce from the opening level of $1,275.79 with a high of $1,278.52 and a low of $1,273.39.

Gold ended yesterday trading rising by 0.25%, in its first daily gain in 3 days, within recovery processes from a 4-month low of $1,266.29 an ounce recorded in the day before.

Gold recovery is being supported by the relative improvement in safe haven metal purchases, with renewed concerns over the global economy after weak data on Germany's business climate and after South Korea's economy grew less-than-expected in the first quarter.

The dollar index rose more than 0.1% on Thursday, extending its gains for the third day in a row, approaching a 23-month high of 97.97 points, reflecting the continued rise of the US dollar against a basket of global currencies.

The rise in the US dollar purchases continue to be the best current investment in the foreign exchange market, with most major and minor currencies facing negative pressure, which may force most central banks to expand flexible monetary policies.

Gold holdings at SPDR Gold Trust, The world's largest gold-backed index, fell by 1.76 metric tons yesterday, to fall to 747.87 metric tons, the lowest level since 19th of October, 2018.

Oil prices rose in the European market on Thursday, with Brent crude rising for the fifth day in a row to a six-month high and US crude resuming its rally, which was temporarily halted yesterday as part of a correction activity. Especially after the US tightened the sanctions on the Iranian oil exports.

As of 09:22 GMT, Brent crude rose to $75.25 a barrel from the opening level of $74.46 and recorded a high of $75.39 which is the highest since October 31st, and a low of $74.24.

US crude rose to $66.10 a barrel from the opening level of $65.77, with a high of $66.19 and a low of $65.52.

Brent crude added 0.2% yesterday, in its fourth consecutive daily gain, while US crude lost 0.6%, in its first loss in four days, on correction and profit taking after recording a six-month high of $66.58 per barrel a day before.

Oil prices have risen broadly since the start of the week, after the United States said on Monday, that it would end all the exemptions on the Iranian sanctions and demanded that countries stop the Iranian oil imports in May or face US sanctions.

US sources said that the sanctions against Iran had deprived its government of oil revenues of more than $10 billion since the US President, Donald Trump, announced the move for the first time in May.

The US decision to cut the Iranian oil exports to zero comes amid reductions in global supplies by the OPEC Plus alliance since the beginning of this year, aimed at balancing the market and supporting the prices.

The US Energy Information Administration (EIA) announced yesterday that the country's commercial inventories rose by 5.5 million barrels in the week ending April 19th, in the fourth increase in the past five weeks, exceeding experts' expectations of a 0.9 million barrels rise.

According to the data, the total US commercial inventories rose to 460.7 million barrels, the highest level since November 2017, in a negative sign of demand levels in the world's largest oil consumer.

As for the levels of US production, it increased last week by about 100 thousand barrels per day, bringing the total back to 12.2 million barrels per day, which is the highest level of production ever in the United States.

European stocks fell on Thursday morning to continue their losses for the second session in a row, on corrections and profit-taking from their highest level in eight months, in addition to the renewed concerns of a global economic slowdown after weak data in Germany and South Korea. while Nokia's index fell by more than 9% After the announcement of unexpected losses during the first quarter of this year.

As of 10:59 GMT, Stoxx Europe 600 shed more than 0.3%, as the index ended yesterday's session down 0.1%, the first loss in the last nine sessions, on correction and profit taking activity.

The index fell on Thursday morning to continue its decline for the second day in a row, with corrections continuing from an eight-month high, with most of the major bourses and sectors in the negative zone.

The global economic slowdown concerns have been renewed by weak data on Germany's business climate, and after the South Korean economy grew less-than-expected in the first quarter of 2019, while several major global banks and companies reported weak business results in the first quarter of this year.

Nokia's index lost more than 9% after the Finnish mobile phone giant reported unexpected losses in the first quarter of this year, claiming it's due to heavy competition in the core network industry.

Additionally, Barclays also fell 2%, as the British Bank reported a 10% drop in first-quarter earnings, owing it to the tough market conditions and the continued concerns over Britain's withdrawal of the European Union "Brexit."

The S&P 500 futures fell 0.1%. as the index ended yesterday's session down by more than 0.2%, the first loss in the last four sessions, with correction activity and profit-taking from a six-month high.

Euro Stoxx 50 fell 0.35%. as in France, the CAC 40 index fell 0.3%. while London's FTSE 100 lost 0.3%.

In Germany, DAX 30 fell 0.15%, to head for its first loss in the last 10 sessions, down from a six-and-a-half-month high recorded yesterday, as the correction and profit-taking activity accelerated.

ُEuro fell on the European market against a basket of global currencies on Thursday, continuing its losses for the third day in a row, against the dollar, to get closer to the 22-month low recorded earlier yesterday, as the currency is still under the pressure of the weakness concerns in the European economy, with the increase in prospects that the European Central bank may be returning to the era of buying bonds to stimulate the economy, in an attempt to face the sharp economic slowdown.

As of 07:25 GMT, EUR/USD fell by less than 0.01% to trade at $1.1148, compared with the opening at $1.1153, after reaching a low of $1.1144, and a high of $1.1162.

Yesterday, Euro lost 0.7% against the dollar, in its second consecutive daily loss, and its biggest daily loss since March 22nd, hitting its lowest level in 22 months at $1.1140, after weak data on the confidence in the German business climate.

The Munich-based Institute for Economic Research (IFO) showed a deteriorating in the German business sentiment in April, accompanied by global trade tensions and weak domestic demand.

The data has reinforced the signs that indicates a weakness in the European economy, where the focus of investors is currently on the main economic factors of the EU in comparison with the economic activities in the United States, where the US economy still performs better than expected during the first quarter of this year.

As the weakness of the European economy against its US counterpart, could lead to a widening gap again between the course of the monetary policy in Europe and the United States in the near future.

Which is expected to push the European Central Bank to take some stimulus measures during the upcoming meetings to face the sharp slowdown in the economic activity in the eurozone.