Gold prices head for weekly losses

Gold prices stabilized during today’s trading, with the strength of the dollar and amid calm trading coinciding with a holiday in the Chinese markets on the occasion of the Lunar New Year, but they are heading towards recording weekly losses.

Gold in spot transactions recorded $2,032.76 per ounce by (04:04) GMT, while US gold futures settled at $2,047.70 per ounce, and the metal declined by 0.3% since the beginning of the week.