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April 27, 2021

Steady Gold, Beware Investors

 Gold trading was little changed on Tuesday, as the US dollar also showed strength in the Asian session, but still traded lower against most major currencies.


Entering the European session, spot gold rose slightly at $ 1,782 per ounce, still moving around the same price level on Monday.


In the previous New York session, it was noted that gold trading exhibited a significant decline to around the price of $ 1,768 before rebounding to the price of $ 1,780.



The decline was driven by slightly strengthened U.S. dollar trading following the rise exhibited by 10 -year U.S. treasury yields to nearly 1.6%.


However, bond yields declined again and caused price movements for the USD to be limited again.


Markets are seen to be more cautious ahead of the FOMC policy meeting to be held this week, as well as being affected by volatile market sentiment following the resurgence of coronavirus cases in Asia.


The Covid-19 situation in Japan and India has left the prospects for a global recovery increasingly bleak. Japan declared a third state of emergency in Tokyo, Osaka and two other provinces to curb the spread.