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Gold continued its decline for the fifth session to record its lowest levels in more than two months today, Wednesday, in light of the strengthening dollar and record yields on U.S. Treasuries due to bets on the economic recovery.
Investors are looking at the minutes of the Federal Reserve’s January meeting for guidance on policy direction.
The spot price of gold fell 0.9% to $ 1,778.70 an ounce at 5:25 p.m. GMT, after falling to its lowest level since November 30 at $ 1,768.60.
US gold futures fell 1.2% to $ 1,778.20 an ounce.
“The US economy is expected to slowly recover,” said David Major, director of metals trading at High Ridge Futures.
He added that optimism about the pandemic and the achievement of “herd immunity” translates into a slight rise in the dollar and ten-year bond yields, which hit their highest level since February 2020. .
Platinum fell 0.6% to $ 1,253.46 an ounce, a significant drop from Tuesday’s high of $ 1,336.50, the metal’s highest price since September 2014.
Palladium fell 0.5% to $ 2,370.83, while silver rose 0.1% to $ 27.25 an ounce.
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