Gold Slides Near $1930 Per Ounce

Published on Mar 28, 2022 17:52

Gold saw a heavy drop after recovering a recent uptick in last week. However, highs around $1960 per ounce have triggered hefty selling pressure on the metal amid an across the board fall in commodities today as the US dollar firmed up. Gold futures also tracked statement from Ukrainian President Volodymyr Zelenskyy as he reiterated that his country is prepared to discuss adopting a neutral status as part of a peace deal with Russia. The yellow metal currently trades down 1.17% at $1931 per ounce. The US dollar traded higher on Monday due to renewed demand for the safe haven currency amid rising risk aversion in the wake of rising cases of Covid-19 in China. Fed policymakers` aggression towards faster policy tightening and the talks over the balance sheet normalization also pushed treasury yields higher dragging the dollar higher. The US dollar index, which tracks the greenback against a basket of six other currencies, traded higher at 99.29.