The yellow metal continues to record losses for the fifth consecutive session since the beginning of the week, with the opening of the European markets for the first sessions of the month of July (July) today, Friday, trading at its lowest level in more than 6 weeks, below the levels of 1800 dollars per ounce, with a loss estimated at 0.50% after the end of June The second quarter of this year recorded losses, affected by the rise in the US dollar in June and the second quarter of the year.

The relationship of the yellow metal and the US dollar is an inverse relationship, and with the continued tightening of the US Federal Reserve for monetary policy and the continuation of interest rate hikes in the second quarter, the general index of the US dollar rose by more than 3% in June and more than 6% in the second quarter of this year, the yellow metal was directly affected and recorded Losses of 2.2% in June and 7.7% in the second quarter of this year, despite the fact that it benefited at times from its status as one of the most important safe havens in the markets and the most important tools of hedging against inflation.

Meanwhile, a report issued by the Indian government today, Friday, showed that India raised the basic import duties on gold from 7.5% to 12.5% ​​in the second largest consumer of the metal in the world to ease demand.

Silver, in turn, is trading down 1.42% at $19.96 per ounce, after recording a monthly loss of 7.1% in June.

Platinum opens the first session of July with a decline of about 0.50% at levels of $889, while palladium is down by about 1% when it is trading at levels of $1.917.