This is why the price of gold keeps rising! - Kakiforex.com - Financial Market Media No. 1 in the World This is why the price of gold keeps rising! This is why the price of gold keeps rising!

April 22, 2021

This is why the price of gold keeps rising!

 Gold prices extended higher gains approaching the $ 1,800 per ounce price level as U.S. dollar trading and weak U.S. treasury yields pushed the appeal of the yellow metal.


In the Asian session, gold traded around $ 1,795 an ounce, which is at an eight -week high.


US 10 -year bond yields continued to decline by 1.53%, and also dragged the greenback dollar lower against most major currencies.


Meanwhile, concerns over a stronger third wave in some countries, also provided additional support for safe-haven gold trading.



The sharp increase in cases in India is a new concern of the market at the moment, with over 200,000 cases being recorded every day over the past week.


India now has the second highest number of cases after the United States with a record 15.6 million and is the fourth in the world with a high death toll of 182, 553 deaths.


However, the decision of the Central Bank of Canada (BOC) to start tightening its policy by reducing bond purchases, was seen to affect gold trading from rising higher.


The outcome of the European Central Bank’s (ECB) policy meeting tonight will be the focus of the market, whether the central bank will take a similar decision to the BOC.