Gold is losing ground to the dollar strengthened and oil prices rise

On Friday during European morning trade, the price of gold fell as the strengthening of the US dollar and rising oil prices have brought down the demand for safe assets.

On the Comex division of the New York Mercantile Exchange, gold futures with delivery fell by 0.29% in June ?? to $ 1246.60.

By the end of the session on Thursday, June contract costs decreased by 0.33% to $ 1250.30 an ounce.

Futures are likely to receive support at $ 1228.80, the low of April 19 and resistance at $ 1270.60, the high of Thursday and one-month high.

The dollar was supported after on Thursday the US Labor Department reported that the number of initial applications for unemployment benefits for the week ending April 16 fell by 6,000 to a seasonally adjusted 240,000 from 253,000 the previous week.

Analysts had expected growth in the number of initial applications by 10,000 to 263,000 last week.

Federal Reserve Bank of Philadelphia said that its manufacturing index this month fell to -1.6 from 12.4 in March. Economists expected smaller reduction to 8.9.

USD index, which indicates the ratio of the dollar to a basket of major currencies, was steady at one-week high of 94.89.

Investors remain focused on the oil market since Friday, oil prices held near five-month highs.

Silver futures for delivery in May ?? stable at $ 17.90 per troy ounce, while copper futures for delivery in May ?? traded at $ 2,252 a pound.