Gold prices deepened their losses to more than $ 73 during transactions on Friday, with a strong rise in the US currency to record the biggest weekly decline since 2011.
The yellow metal came under pressure as US stocks recovered during trading, with Dow Jones winning 900 points and treasury bond yields rising.
United States Secretary of the Treasury Steven Mnuchin stated that the White House and Congress are close to agreeing on a stimulus package related to coronavirus.
Countries and central banks have intensified their efforts to support their economies from the epidemic, which has infected more than 137 thousand people so far and spread in about 117 countries.
The Federal Reserve cut interest rates early this month in an emergency meeting, a move repeated by the Bank of England, the Norwegian Central Bank.
Moreover, the European Central Bank (ECB) also announced yesterday a stimulus package, yet, without any rate cuts.
Upon settlement, the price of gold futures for April delivery fell by 4.6 %, losing $ 73.60 to register $ 1516.70 an ounce, after recording the level of $ 1597.90 earlier in trading.
During the week, the yellow metal saw losses of about 9.3%, or $ 155.7.
By the end of trading, the spot delivery of the precious metal fell by more than 3.2 %, or $ 49.30 to record $ 1526.22 an ounce.
Meanwhile, the main index of the dollar, which follows the performance of the US currency, increased against 6 major currencies by 1.3 % at the level of 98.65.
The gold price also dropped in Egypt Coinciding with global prices.
The 21K witnessed a significant decline by about EGP 50, recording EGP 672 per gram, compared to EGP 730 yesterday as a result of the drop in the global ounce price by about 6%.
The 24K also declined to record EGP 774, while the 8g golden coin registered EGP 5376 in the Egyptian market.
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