Gold closes lower, pressured by dollar's rally

Gold prices fell during the day and recorded a new low this year, amid the dollar's rise against most of the major currencies, in addition to investors aversion to precious metals as safe havens.

Investors took the US dollar instead of gold to shelter against the EU's decision to impose tariffs on the American company Harley-Davidson, which raised the risk for another front of trade war between major economies.

By 17:47 GMT, the dollar index (against a basket of major currencies) rose by 0.4% to 97.6 points, reaching a high of 97.7 points and a low of 97.2 points.

Gold futures (June delivery) fell by 0.3% and closed at $1273.2 an ounce, the lowest level since December 2018, and recorded a high of $1287.5 and a low of $1267.9.