Gold continues to fall with US decision on Huawei in focus

Gold prices fell in the European market today, continuing its downtrend for the second day, as dollar rose against a basket of currencies, while investors anticipate the US government decision on Huawei.

As of 10:55 GMT, gold fell 0.9% to $1,499.11 per ounce from the opening of $1,512.51, with a high of $1,512.95, and a low of $1,497.31.

Gold lost 0.7% on Friday, its first loss in three days, with most metals denominated in US dollars.

But gold rose by 1.1% over the past week, in its third weekly gain in a row, on high haven demand, due to fears of a global economic recession, in addition to market's bets for global central banks to cut interest rates.

US dollar rose near 2-week today, to reflect a strong performance against a basket of currencies, which does not benefit gold prices, to push them on the way to fall below the $1,500 mark.

Markets are anticipating the US decision today on allowing Huawei to buy supplies from US companies.

Gold holdings at the SPDR Gold Trust, fell on Friday by 0.88 metric tonne, to a total of 843.41 metric tonnes.