Unfortunately it did not smell, GOLD fell flat - Kakiforex | Forex markets for the smart money. Unfortunately it did not smell, GOLD fell flat Unfortunately it did not smell, GOLD fell flat

February 25, 2021

Unfortunately it did not smell, GOLD fell flat

 The gold position above the $ 1,800 price did not last long after the precious metal once again plummeted due to an increase in US treasury yields.


The sharp rise in bond yields has prompted the US dollar to rise during the New York session, causing gold, which lost direction, to fall below $ 1,783 per ounce.


The 10-year US Treasury yield benchmark jumped to a nearly one-year high of 1.417%.



However, the greenback dollar stopped after pressure from Federal Reserve (Fed) chairman Jerome Powell echoing his testimony before a House of Representatives committee saying the central bank would not change its current monetary policy until there was a clear increase in the economy.


This provided an opportunity for gold trading to rise again, but the increase was unfortunately limited due to the precious metal remaining trading below $ 1,800.


In the Asian session, gold spots traded around $ 1,797 per ounce, while gold futures traded at $ 1,795 per ounce (12.15pm Malaysian time).