Mubasher: Gold prices did not respond to the rising demand on safe haven, due to the various global geopolitical risks, but seemed to be affected by negative factors such as the strengthening US dollar.

After making big gains last year on political risks, adding around $157, the rising USD and a trend of raising interest rates by central banks around as they seek to normalize monetary policy, has contributed to the fall of the precious metal prices.

The USD has recorded gains of around 2.7% by the end of the first six months of 2018.

The United States Federal Reserve has decided to raise interest rates twice this year, in March and June, by a total 50 basis points (0.50%), a move that is set to be followed by the European Central Bank (ECB) next year.

Gold futures for August delivery rose on Friday by 0.3% to 1,254.50 per ounce, recording weekly losses of 1.3%, or around $16, in its third weekly decline.

On the monthly level, the yellow metal losses in June of 5.5%, is the biggest since November 2016.