Gold sank lower on Thursday following the strengthening of the US dollar supported by rising US treasury yields amid rising economic growth prospects.
The gold spot hit a two-week low approaching the $ 1,800 price level trading at $ 1,816 per ounce ahead of the opening of the European session (2.05pm Malaysian time).
Prices have come under pressure following rising market confidence over a strong economic recovery amid the ongoing vaccination efforts in the United States.
The greenback dollar continued to strengthen near the two-month highs reached on Wednesday, while the 10-year Treasury yield benchmark rose its highest in three weeks.
In addition, the recent rise of cryptocurrencies has also stolen market attention to switch from gold precious metals.
Meanwhile, the U.S. House of Representatives passed a stimulus package budget resolution on Wednesday. This marks an important step for Congress to pass a coronavirus stimulus bill even without Republican support.
