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Gold Stays Supported, US Dollar Under Stress

Published on May 24, 2021 13:01

Gold soared amid excellent buying support as weakness in the US dollar index, which fell to two and half month low under 90 mark, pushing up the metal impressively. COMEX Gold rallied near a four- and half-month high above $1890 per ounce. The metal slumped thereafter, testing near $1850 per ounce. The metal pulled up though as the leading global cryptocurrency Bitcoin fell like a rock. This intense volatility in the counter supported Gold and the yellow metal moved up steadily yet again to close just above $1880 per ounce. Gold is looking following as leading cryptocurrency Bitcoin slumped over the weekend, losing more than 10% on Sunday to approach around four month low under $33000 per US dollar.

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