By: Mahmoud Gamal

Mubasher: Gold prices fell to the lowest level in two weeks, in line with the rise of US stocks after renewed optimism for President Donald Trump’s economic policies.

Spot gold fell 0.03% to $1,197.5 per ounce by 4:20am GMT.

Slowdown in Chinese demand, in line with the celebration the Lunar New Year this weekend, pushed gold oil prices down, commodity analyst Ahmed Abdel-Moneim told Mubasher.

Gold prices were weighed by the US stocks which rose after President Trump's infrastructure project announcements on Thursday, Abdel-Moneim added.

Gold prices are likely to decline to $1,192 and $1,180 if they break below $1,200, the analyst explained.

Silver declined 0.31% to $16.928 per ounce during the same time.

The US dollar (DXY), which tracks it against a basket of six currencies, fell 0.06% to 99.85 points.

Translated by: Julian Nabil