Gold slips as dollar rises, but heads for weekly gain

Gold prices fell today in the European market for the first time in the last 3 days, after the rise of US dollar, but gold is still heading for weekly gains due to strong haven demand.

As of 08:35 GMT, gold fell by 0.7% to $1,513.11 an ounce from the opening of $1,523.46, with a high of $1,527.93, and a low of $1,511.84.

Gold rose by 0.5% yesterday, in the second daily gain, as investors demand on safe-havens continued.

Dollar rose more than 0.1% today for the fourth day, to a 2-week high at 98.29 points, as its rise push gold and other dollar-denominated metals lower.

This came after a strong US retail sales data for July, which eased market's concerns over the US slowdown in the third quarter, in addition to the 10-year Treasury yield rebounding to trade again above the 2-year Treasury yields. .

During this week, gold rose by 1%, to head for the third weekly gain, amid high demand on safe havens, due to fears of a global recession.

Gold holdings at the SPDR Gold Trust, remained unchanged yesterday, with a total of 844.29 metric tons.