Gold heads to record its first weekly decline in about a month

On Friday, gold is heading to record its first weekly loss in nearly a month as demand for the metal, which is considered a safe haven, slows, amid largely reluctance from traders ahead of the release of US non-farm payrolls data later in the day.

According to Reuters, by 0955 GMT, gold rose in instant transactions by 0.2% to $1,989.83 per ounce, and its movements came in a narrow range of six dollars.

US gold futures also rose 0.2 percent to $1,997.40

Gold has fallen approximately one percent since the beginning of the week, moving away from the level of two thousand dollars that it recorded last month due to escalating tension in the Middle East.

Michael Hewson, chief market analyst at CMC Markets, said: “Gold prices declined due to a reduction in the geopolitical risk premium as markets become accustomed to the idea of a long conflict in the Middle East.”

He added, “Money is leaving gold and the US dollar and returning to riskier assets.”

Stocks are heading towards their largest weekly rise in a year, while bonds rose and the dollar fell as investors welcomed the pause in the campaign to raise US interest rates.