Gold to witness high turbulence this week

Gold is likely to witness high turbulence in the current week, after ending slightly lower on Friday. The commodity ended a five-session winning streak and August-dated gold closed at $903.70 on COMEX, down 50 cents for the day. Earlier, gold touched as high as $910.10.

For the week, the precious metal added $30.60 from last Friday's close and recrossed the key $900 mark for the first time since June 9 on Thursday. August gold closed Thursday's session at $904.00, up $10.50 on the day, a three-week closing best. The metal hit as high as $911.00, a 10-day intraday high. The metal drifted away from a five-week low with the recent rally.

The slide in the yellow metal came in a very interesting setting. The metal failed to hang to its daily highs despite all catalysts being on its side. The US dollar fell sharply against the pound and euro and touched new 11-day lows. The dollar also saw weakness against the Swiss franc and the Japanese yen.

Gold usually moves opposite the greenback because traders tend to turn to the precious metal as a safety investment.