Gold fell to its one-and-a-half-month low during the opening of today's Asian session, before rebounding amid volatile market sentiment.
The gold spot traded hovering around $ 1,827 per ounce, after recording a sharp drop of $ 1,803 per ounce at the start of the Asian session. Meanwhile, gold futures declined slightly to $ 1,826 per ounce (12.05 pm Malaysian time).
Gold prices have been lower since closing last week due to risky sentiment in the US dollar-favored market.
Investors started earning US dollars as a safe-haven currency after seeing weaker-than-expected US retail sales data.
Not only that, investors are also plagued by concerns following the delay in the distribution of Covid-19 vaccine by Pfizer in Europe, and this in turn affects market prospects for the region's economic recovery.
Meanwhile, China's economy unexpectedly showed faster-than-expected growth in the fourth quarter, making it the only major country to record growth last year when the rest of the world was hit by a pandemic crisis.
Meanwhile, the expectation that Treasury Secretary-appointed President Joe Biden, Janet Yellen, will focus on strengthening the value of the greenback dollar, also burdens gold trading.
