Gold Slips Near Three Week Low

Published on Mar 31, 2021 12:27

COMEX Gold tumbled as a slide under $1700 per ounce extended amid a sharp surge in the US dollar and rising US Treasury yields. The precious metal tanked to a three week low near $1680 per ounce, giving up around 1.5% on the day. The US dollar index jumped above 93 mark to hit a five month high, keeping the overall undertone in commodities weak. Silver also lost heavily, tanking around $2.50% to approach near $24 per ounce mark. Constant worries are weighing on local demand front as rising Covid-19 cases and lax buying despite tepid prices keeps undertone muted. Local spot Gold prices are lingering around one year low.