Global gold prices fell from the record highs this week on dip in US Treasury yields as investors grew confident that the Federal Reserve would lower interest rates in September.
Gold prices declined nearly 1% this week to close the week at 2,473 dollars per ounce, coming off near record-high levels hit last week as fears of a recession ramped up safe haven demand for the yellow metal. Prices fell as much as 3 per cent on Monday after investors liquidated positions in tandem with a broader equities sell-off.
The dollar was down 0.1% against its rivals, making gold more attractive for other currency holders, while the Benchmark 10-year note yields slipped.
Silver prices also registered weekly losses to close down at 27.59 dollars per ounce.