Gold Slippery After Breaking Well Under $1700 Per Ounce

Published on Mar 09, 2021 11:41

Gold lost further ground yesterday as prices continued to turn lower following the break under $1700 per ounce. The DOW scaled up all-time highs on Monday after the Senate approved the $1.9 trillion stimulus relief package. This rally in US equities is capping gains in Gold. The metal fell more than 1% to approach around ten month low of $1680 per ounce. The US dollar index extended its winning streak amid continued Covid-19 vaccinations and supportive economic cues. The US dollar index quotes at 92.30 mark- consolidating around three and half month high. Gold edged up a little in Asia and currently trades up half a percent at $1687 per ounce. Sentiments have been hurt adversely after the latest spree of losses and selling pressure could reemerge in the metal on rallies.