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February 26, 2021

Gold Hit Lower!

 The decline in the price of gold seems to be getting worse as the precious metal returns to the winding road ahead of the weekend trade.

Gold fell around $ 1,773 an ounce, due to a surge in treasury yields to its latest one-year high thus helping boost greenback dollar trading.

The 7-year bond was worth $ 62 billion at 1.19% compared to the 1.14% auctioned in the New York session, pushing the 10-year bond yield jump to 1.6%, the highest level ever seen before the pandemic crisis hit the United States.

This gives the greenback dollar strength to rise again against most major currencies.

Not only did gold fall, but the US stock market also plummeted. The Dow Jones stock index reportedly declined by more than 1%, while the Nasdaq fell 3% due to an increase in bond yields causing concerns over inflation.

Moreover, US data released on Thursday also could not help this safe-haven metal trade. The weekly unemployment claims report showed a sharp decline last week.

Meanwhile, US Gross Domestic Product (GDP) data in the fourth quarter reported an increase of 4.1%, but slower than expected.