Like Pandelela Rinong, Gold Plunges Again - Kakiforex | Forex markets for the smart money. Like Pandelela Rinong, Gold Plunges Again Like Pandelela Rinong, Gold Plunges Again

March 30, 2021

Like Pandelela Rinong, Gold Plunges Again

 Gold slipped to a two-week low on Tuesday after being weighed down by a strong U.S. dollar and a surge in U.S. treasury yields amid rising optimism over a U.S. economic recovery.

In the Asian session, spot gold traded around $ 1,707 per ounce after declining more than 1% in the previous session, while gold futures traded at $ 1,711 per ounce (10.30am Malaysian time).

The rebound in US 10 -year bond yields to 1.72%, continued to push the strengthening of the US dollar which had previously garnered support from the fall in global stock markets ahead of the close of the first quarter of 2021.

The dollar index, which measures the strength of the greenback against most major currencies, traded higher at 92.90.

The market is expected to move more aggressively this week due to several key factors namely with the publication of US NFP employment data on Friday and the announcement of US President Joe Biden.

Biden will launch an infrastructure plan estimated at $ 3 trillion

up to $ 4 trillion and likely also include higher tax increases.