Gold posted its biggest weekly loss in 35 days, despite a slight recovery in prices yesterday. Gold in instant transactions rose 0.3%, recording 1950.84 dollars an ounce, after reaching its lowest level since July 12. US gold futures rose 0.2% to $1949.80 an ounce.
Gold prices fell by 0.5% since the beginning of the week, recording the largest weekly loss since June 23, with the US Central Bank and the European Central Bank continuing to raise interest rates and leaving them open options to implement more. Yesterday's data showed that the US economy grew faster than expected in the second quarter, boosting the odds of avoiding a recession.
That strong data pushed the dollar index and 10-year US Treasury yields to the highest level in two weeks, prompting gold prices to drop 1.4% in the previous session, which constituted the largest one-day loss in nearly two months.
